Ethereum prices have corrected about 5% in the past 24 hours, the largest drop among the top 14 cryptocurrencies by market cap. In addition, Ethereum is about to fall below the $23,000 level, which shows that the market bearish sentiment has increased.
As a result, questions such as “Will Ethereum recover its value?” and “How low will the price of ETH go?” have seen an increase in searches on the internet. To understand the short-term price outlook for the largest altcoins, our panel of experts recorded a technical analysis.
ETH price records strong bearish reversal!
Ethereum price has fallen by more than 5% in the past seven days after facing rejection at the resistance trendline of the symmetrical triangle pattern. Moreover, it is currently valued at $2,300.73 with a trading volume of $16.54 billion.
Moreover, the coin has plunged by about 12% in the past 30 days, with a year-to-date (YTD) return of less than 1%. Moreover, the altcoin leader is currently down 43.79% from its yearly high of $4,092.
Ethereum Spot ETF Update
The US ETH ETF has seen steady inflows over the past week. This suggests that the crypto market is in a cooling-off period. It is worth noting that the ETF had positive inflows on two of the five days last week. The inflows were $11.4 million and $1.5 million, respectively, for a total of $12.9 million.
Conversely, outflow was highest on September 12th at $20.1 million. Furthermore, total outflow was $25.8 million. Comparing the two, net outflow for the week was -$12.9 million. This indicates a week-over-week drop of more than 85%.
Notably, this represents a decrease in selling pressure, further highlighting the potential bullish outlook going forward.
Will the ETH price go up?
The bullish reversal could lead the altcoin leader to retest the resistance trendline of the triangle pattern. Moreover, if the market continues to favor the bulls, this could push the price of Ethereum token towards the upper limit of $2,530 in the coming weeks.
On the other hand, if bears continue to dominate the cryptocurrency market, ETH price might retest its critical support at $2,175 this month.
