Ethereum (ETH) Token Price Bottoms at 8.12% in the Last 24 Hours

Ethereum's token price has bottomed at 8.12% in the last 24 hours, breaching its crucial support zone.

Ethereum's price has dropped below a crucial support level, signaling a bearish trend. The altcoin has also experienced significant losses over the past week and month.

As of writing, Ethereum's price trades at $2,636.72 with a 15.84% price prediction to hit $2,941.72 by 3 September. Our technical indicators are displaying a ‘Sell' market sentiment.

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

Moreover, 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.

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.

Some investors remain hopeful for a rebound, while 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.

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