The bullish recovery in Ethereum is slower than anticipated as it crosses $2,500. However, the rising Ethereum ETF inflows teases an uptrend in the biggest altcoin reach. Will $ETH hit the $3,000 mark this month?
As the crypto market cap, including Bitcoin, jumps back to $1.978 Trillion, a 16% surge in 52 hours. With Bitcoin hitting the $57 mark today, Ethereum remains undershadowed with minimal recovery over the same time span.
Standing above the $2,500 pivot, Ethereum makes a second consecutive bullish candle. Will the recovery rally overcome the bearish influence of last Monday’s 10% bloodbath?
Ethereum Bullish Route from Channel’s Crossroad
Following a 28% freefall in 7 days, Ethereum hits a long-coming support trendline in the 1D chart. The downfall triggered a low of $2,116, but the underlying demand managed to pump up the closing price to $2,420.
The residual bullish reversal and the improving global market sentiments result in a new bull cycle in Ethereum. With a morning star pattern, $ETH is trading at $2,518 amid an intraday gain of 2.24%.
As per the Pivot Points standard (monthly), the lower price rejection occurs at the third support level, S3, at $2,086. Currently, the recovery rally is reclaiming the S2 level, at $2,447.
Furthermore, the oversold daily RSI line at 26 suggests 74% bearish dominant moves over the last 14 days. Hence, with the recent uptick, the chances of a bullish recovery are rising for Ethereum.
Rising Ethereum ETF Inflows Brings Relief
Overcoming days of massive outflows the Ethereum spot ETF made a significant comeback on Aug. 6. The products recorded a net inflow of $98.3006 million, showcasing a renewal in investors’ interest.
US Ethereum Spot ETFs
Amid the net inflow, Grayscale failed to turn positive and marked an outflow of $39.7293 million, indicating minor withdrawals. BlackRock and Fidelity respectively witnessed inflows of $110 million and $22.4894 million, pushing the net flow into the positive zone.
With a bullish day, the total net asset value has reached an impressive $7.06 billion.
Will Ethereum Sustain above $2,500?
As the broader market recovers, Ethereum’s uptrend struggles to gain momentum. The morning star pattern, coupled with the lower price rejection, teases a new bull cycle.
As per the pivot points, the overhead targets for the second-biggest crypto are at first support level, S1 at $2,839, and the pivot level at $3,201. On the downside, a break under the support trendline could find support at the psychological mark of $2,000.
