Why is Ethereum (ETH) price up today ? 📈
Ethereum price just had its second-best day of 2024, with an uptick of 14.5% on Aug. 8, as big wallets accumulated ETH. Ethereum retested $2,111 on Aug. 5 for the first time since Jan. 3, briefly giving away 98% of its 2024 yearly gains. The ETH/BTC chart also illustrates weakness against Bitcoin, with the trading pair reaching a 1,211-day low. Meanwhile, Ethereum ETF inflows recorded a minor netflow of negative 2.9 million on Aug. 8 after exhibiting over $150 million in positive inflows right after Monday’s market rout. The total flow remains negative at $390 million at the time of publication.
Ethereum rises as crowd’s "primary focus" after dip
Ethereum has regained 27% since hitting Monday’s lows at $2,111, primarily due to the market’s overall recovery. Bitcoin witnessed a strong rally of 12% over the past 24 hours, and Ether followed suit. Both the assets currently share a correlation index of 0.82 over a 90-day period, suggesting that BTC and ETH are virtually in lockstep. Meanwhile, Santiment, an analytics platform, highlighted that the crowd was primarily focused on Bitcoin and Ethereum after Monday's sharp decline. Ether appeared as a potential buy opportunity, and ETH addresses illustrated this sentiment, as explained in the next section.
Market to "offer several chances” to buy ETH — Analyst
While Ether has jumped swiftly from its recent lows, the altcoin is expected to consolidate sideways over the next few weeks. According to CrediBULL Crypto, a popular crypto trader, Ethereum will possibly witness “one more marginal lower low," which will see a retest of support at $2,111. Ethereum’s weakness against Bitcoin as a primary reason. In other words, a minor correction for BTC might trigger a bigger decline for ETH.
Despite the recovery, however, Ethereum’s daily chart is looking bearish. ETH price closed below its long-term bullish trendline (white ascending line), which dates back to October 2023.
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