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.
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
