Recently Ethereum$ETH
(ETH) price is showing a great effort from the bulls to continue the trend despite the upward pressure. With the current target set at $3,000, reaching that level may be a tough process.
ETH had recovered from below $2,000 and was expected to rise above $3,000. However, due to the weakening power of the bulls and the opportunity of the bears, the price is struggling to reach the necessary resistance levels. This may delay the possibility of regaining the $3,000 levels and raise concerns for future price action.
Spot Ethereum ETFs approved in the US did not see the expected interest. Daily closings fell below $ 5 million, while Grayscale’s ETF recorded zero inflows and outflows. Fidelity and Bitwise’s ETFs also showed minimal inflows. This situation created concerns among market participants.
ETH has seen intense buying pressure after a major drop. The bulls have managed to hold the price around $2,000 and are now struggling to stay above $2,500. While the overall uptrend continues, short-term pullbacks could impact the rally.
The bulls are struggling to carry the price to the $3,000 target.
Spot Ethereum ETFs failed to attract the expected attention.
Short-term pullbacks could impact the ETH price.
Whales continue to buy ETH after the declines despite the bearish pressure on the price. However, some preconditions show that major players are still optimistic. Currently, the price of the altcoin king has reached a critical range, and this level needs to be closely monitored.
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