Ethereum’s bullish recovery has been slower than expected as it breaks above $2,500. However, rising Ethereum ETF inflows bode well for an uptrend in the largest altcoin. Will ETH hit the $3,000 mark this month?

As the market capitalization of cryptocurrencies including Bitcoin recovered to $1.978 trillion, up 16% in 52 hours. As Bitcoin hit the $57 mark today, Ethereum remained eclipsed in the same time frame, with a minimal recovery.

Ethereum has moved above the $2,500 pivot point, with a second consecutive candle in a bullish trend. Can the recovery rally overcome the bearish impact of last Monday’s 10% drop?

Ethereum starts bullish run from channel crossroads

After a 28% plunge in 7 days, Ethereum hit a long-term support trendline on the 1D chart. The decline triggered a low of $2,116, but underlying demand managed to push the closing price to $2,420.

The remaining bullish reversal and improved global market sentiment led Ethereum to enter a new bull cycle. Presented in a Morning Star pattern, $ETH is trading at $2,518, up 2.24% intraday.

According to the Pivot Point Criteria (Monthly), a lower price rejection occurred at the third support level, S3, at $2,086. Currently, the recovery rally is reclaiming the S2 level at $2,447.

Moreover, the oversold daily RSI line is at 26, which indicates that 74% of bearish moves have dominated over the past 14 days. Therefore, with the recent gains, the possibility of a bullish recovery in Ethereum is rising.

Ethereum ETF sees relief as inflows rise

After experiencing massive fund outflows for several consecutive days, the Ethereum spot ETF rebounded strongly on August 6, with a net inflow of US$98.3006 million, indicating that investors' interest has been rekindled.

Among the net inflows, Grayscale failed to turn positive, with an outflow of US$39.7293 million, which was a small outflow; BlackRock and Fidelity received inflows of US$110 million and US$22.4894 million respectively, and their net inflows turned positive.

Driven by the bull market, total net asset value has reached a staggering $7.06 billion.

Can Ethereum Stay Above $2,500?

Ethereum’s uptrend struggles to gain momentum as the broader market recovers. A Morning Star pattern coupled with lower price rejection suggests a new bull run is imminent.

According to the pivot point, the second-largest cryptocurrency’s upside target is at the first support level S1 at $2,839 and the pivot level at $3,201. On the downside, a break below the support trendline could find support at the psychological level of $2,000.

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