Will Ethereum (ETH) Drop Further Amid the Bearish Trend?

• Ethereum (ETH) remains consolidated within the $2.6K range.
• ETH’s fear and greed index suggests fear sentiment in the market.

As in the mid of August, Ethereum (ETH), has witnessed significant bearish momentum over the past weeks. This largest altcoin struggles to break through the oscillating price range and chooses to consolidate within $2,600-2,700.

Last week on August 5, ETH declined to its seven-month low at the $2.1K range. Gradually, it recovered from the dip and traded above $2.5K. Over the last 24 hours, ETH has slipped down by 0.24%. At the press time, ETH traded at $2,614 with a market cap of $314 billion. Meanwhile, the daily trading volume is slightly up by 0.11%, noting $15.98 billion, as per CoinMarketCap data.

Notable ETH Moves of the Week

Notably, the US Republican nominee, Donald Trump, holds a portfolio of Ethereum valued between $1 million–5 million. As per Arkham Intelligence data, Trump’s wallet has approximately $1.29 million worth of ETH.

On the other hand, Ethereum co-founder Vitalik Buterin has recently donated 200 ETH, worth around $532,000 worth of ETH to the Effective Altruism Funds Animal Welfare Fund. This donation was funded by selling off meme-themed, Ethereum-based tokens sent to him over the past year.

The US spot Ethereum ETFs recorded the least weekly inflow of $4.93 million on Monday, according to Sosovalue data. And the weekly total net inflow was noted at $836.54K, with total net assets worth $7.16 billion.

Meanwhile, over the last 24 hours, Ethereum observed a $56.92 million liquidation as per the crypto data platform, CoinGlass.

Can ETH Break the $2.7K Resistance?

ETH observed a low of $2,226 with a notable decline of 22.32% over the last month, continuing its fall over the past week with a 2.13% plunge. The asset has fallen from $2,761 to $2,533.

Besides, the daily frame of ETH indicates that it is briefly in bearish momentum as the short-term 9-day (9MA) and 21-day (21MA) moving averages are above the current price at $2,637 and $2,814, respectively. Meanwhile, the daily relative strength index (RSI) is found at 40.46, seemingly approaching the neutral zone.

ETH price chart (Source: TradingView)

The initial resistance can be found at $2,708, if ETH revival befalls. An upside break might further send the price higher toward the $2.8K resistance zone. If Ethereum could not climb above the key resistance, the major support on the downside might be at $2,534. A potential downfall might push the price to $2,425.

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