Ethereum Update

Ethereum is trading at $2,098, reflecting a 1.5% drop over the past 24 hours. This represents a 10% decline over the last week, maintaining a market cap of $252 billion.

The price has reached a 24-hour low of $1,988. Will Ethereum recover to $2,500? Let’s explore.

Ethereum Price Trend: Could It Drop to $1,500?

The daily chart indicates a downward price trend with a lower low formation. An 8.31% pullback on Sunday formed a bearish engulfing candle, almost breaching the $2000 psychological threshold and marking the lowest daily close since December 2023. Currently, a bullish candle suggests a 3.90% intraday recovery.

However, a price rejection from the 24-hour low of $2152 warns of a potential post-retest reversal. Analyzing the price action, Ethereum’s decline could test the $1500 mark after a post-retest drop.

Technical indicators show that the exponential moving averages remain in a bearish alignment on the daily chart, while the MACD and signal lines continue a downward trend. Hence, these indicators suggest a sell signal for Ethereum.

Analysts Eye Ethereum’s Recovery Despite ETF Outflows

Last week, along with significant outflows from Bitcoin ETFs, Ethereum ETFs also experienced a $93.9 million outflow, marking the third consecutive week of losses for these ETFs.

> #Ethereum $ETH is consolidating within a descending triangle. Once a breakout occurs, it could trigger an 18% price move! — Ali (@ali_charts)

Crypto analyst Ali Martinez points out the potential for a recovery run in Ethereum, suggesting that a descending triangle pattern on the hourly price chart may lead to an 18% surge if Ethereum breaks out above the 26th trendline.