ETH remains under pressure, losing more than 24% over the past 30 days and falling to $2,521 by Saturday evening. Amid negative reactions to ETFs, many wonder if a bullish trend might emerge.
Market Analysis
Cryptorphic expressed hope for an ETH recovery in a recent post on X. Despite massive liquidation, it is predicted that Ethereum might regain its position. ETH is currently holding support in the $2,184-2,348 range with potential growth to $3,750 under certain conditions. "A few weeks ago, during a major market correction, ETH fell to this same support range and then recovered. With the current price at $2,520, ETH is likely to test the 35 EMA, and if it closes above this level, a further rally to $3,750 could ensue," stated a Cryptorphic expert on August 28, 2024, analyzing the 2-hour ETH chart. 
Massive Sales Pressure ETH
According to Spot On Chain, Ethereum faced two significant drops in the last month, totaling a 23.5% loss. Sellers released 197,800 ETH (about $599 million) into the market, one of the main causes of the decline. Key sale factors include 35,400 ETH (about $95 million) sold by the Ethereum Foundation, 88,900 ETH (about $276 million) by Jump Trading, 48,500 ETH (about $154 million) by the ICO seller '0xe17', and 25,000 ETH (about $73.9 million) by whale '0x682'. Despite this, major holders still retain significant volumes of ETH. https://blockchainmedia.id/harga-eth-merosot-bear-menekan-ethereum-lagi/
ETF Failure Reduces Interest
ETH's disappointing performance has disheartened many, especially amid Bitcoin's stronger year. Data from Farside Investors indicates declining interest in ETFs amid ETH's instability, bolstering cautious investor sentiment. The launch of the Ethereum Spot ETF did not meet expectations. According to Farside Investors, trading volumes and asset values have remained almost unchanged, indicating a lack of sustained investor interest. Galaxy Research also shows that the Ethereum Spot ETF trades with significantly lower volumes compared to the Bitcoin Spot ETF, with a significant gap in trading volumes and market capitalizations among centralized exchanges (CEX).  These data reflect the market's preference for Bitcoin and a possible shift in interest to alternatives like Solana.
Amid ETH's decline and market instability, investors will continue to monitor the cryptocurrency's recovery potential. The coming days will reveal whether Ethereum can gain momentum again or remain in the shadows.
Comments