Ethereum’s token price has bottomed at 8.12% in the last 24 hours, breaching its crucial support zone. Moreover, the altcoin has broken down from its ascending triangle pattern on the 1-day chart, indicating intensified selling pressure over buying demand. This downtrend is evident in its weekly and monthly losses of 5.66% and 23.68%, respectively. 

Selling Pressure May Linger Longer 

As of writing, Ethereum’s price has dropped below its crucial support level of $2,500. This decline has raised concerns among investors, especially with Bitcoin hovering around the $59,000 mark. The market sentiment is bearish, with ETH losing 5.66% in the past week and 23.68% over the past 30 days.

Coinfomania expert price prediction polls that ETH is currently trading at $2,636.72, with a forecasted increase of 15.84% to $2,941.72 by 3 September. Technical indicators suggest a ‘Sell’ market sentiment.

Over the last 30 days, ETH has seen 11/30 green days, reflecting a 37% positive trading trend. With a price volatility of -23.09%, ETH exhibits moderate fluctuations.

In the past 24 hours, ETH has experienced a positive trend of 1.99% since yesterday, with its live market cap standing at $317.10 billion, with a circulating supply of 120293672.052474 coins out of a maximum supply of 120293672.052474 ETH.

Image via: Coinfomania price prediction data analytics 

Our technical indicators are not painting a rosy picture for Ether. The Moving Average Convergence Divergence (MACD) indicator shows a constant decline in the green histogram, indicating increased selling pressure. The Relative Strength Index (RSI) has also plunged towards the oversold range, suggesting a negative outlook for ETH.

Source: Coinfomania 

Possible Scenarios Point to a Growing Bullish Posture or Plunge To Support Level

If the market regains momentum, Ethereum could reclaim its resistance level of $2,500. Maintaining this level could set the stage for ETH to head towards $2,800 in the upcoming weeks. This scenario would require a significant increase in buying pressure and positive market sentiment.

On the flip side, if the bearish trend continues, Ethereum could drop sharply to its crucial support level of $2,200. This scenario seems more likely given the current market conditions and technical indicators.

Similarly, the market sentiments are mixed. While some investors remain hopeful for a rebound, others are preparing for a further plunge. Drawing from an insight by a crypto source, “The bulls appear to be preparing for the next price action, but a pullback to $2,000 appears to be imminent.” Albeit, the overall sentiment remains cautious. 

The fear and greed index for Ethereum has bottomed from 53% to about 47% in just 23 hours, indicating a shift toward more cautious investor sentiment. Recent whale activity, where large holders of Ethereum have been moving their assets, reflects growing anxiety about the market’s short-term prospects.

Per Sahana Vibhute, a crypto analyst, “Bears are trying hard to restrict the rally below $2,700 as the Ethereum price is constantly experiencing rejection from the range.” She also mentions that a pullback to $2,000 appears imminent before any significant price action towards $3,000.
In all, Ether’s price remains above the 50-period Exponential Moving Average (EMA 50) support level on the long-term chart, pointing to the possibility of a price comeback. Albeit, the current sluggish phase is likely to persevere, with prices swinging within a tight range. As a result, ETH is expected to continue its range-bound trading pattern for several more weeks, potentially setting the stage for a bullish breakout above $3000.