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The Ethereum price rose 2% in the last 24 hours to trade at $2,500 as of 03:42 a.m. EST on trading volume that dropped 39% to $24 billion.
This comes as U.S.-listed spot ether exchange-traded funds (ETFs) saw net inflows of nearly $49 million on Monday despite ETH dropping 20%, indicating strong demand for the token from institutional investors.
ETH plunged on Monday in its biggest drop since 2021 after crypto trading firm Jump Crypto moved a massive amount of ETH to centralized exchanges, seen as preparation for a potential sell-off.
According to data by SoSoValue, ETH ETFs traded over $715 million, the highest since July 30. BlackRock had the largest inflows of $47 million, followed by Fidelity and VanEck at $16 million each.
After the significant dip on Monday, professional investors bought the dip. Can the recent buying push the token to a sustained bullish rally?
Ethereum Price Set For A Breakout
The drop on Monday drove the price of Ethereum to the $2,200 support level, which allowed the bulls to buy more.
ETH has since rebounded to trade within the $2,552 resistance zone, according to data from GeckoTerminal. However, the bulls have been unable to breach this resistance as the price consolidates within the sideways pattern.
The price of Ethereum now trades above the 50-day Simple Moving Average (SMA), which is an indication of a bullish rally in the short term. If the bullish stance continues and the ETH price breaks out of the sideways pattern, ETH could eventually overcome the 200-day SMA, which now acts as the immediate resistance level at $2,923.
Moreover, the Relative Strength Index (RSI) is in equilibrium, trading within the 50-midline level at 51. The RSI shows signs of a breakout, which could push optimistic investors to buy more.
The Moving Average Convergence Divergence (MACD) also indicates that the price of Ethereum is now bullish, as it crosses above the neutral line. The blue MACD line also crosses above the zero line, which indicates a bullish crossover.
A bullish crossover could encourage the bulls to buy more, with the green bars on the histogram rising gracefully over the neutral line.
The Ethereum price analysis shows that the bulls are currently gearing up toward a breakout above the sideways pattern. The RSI and MACD show that buyers are currently adding to their positions, which could propel the ETH price to the next price target of $2,923 (200-day SMA).
However, if the bears win the struggle, the Ethereum price could retrace back to the major support at $2,200.
Meanwhile, investors are also piling into the new Ethereum Layer-2 meme token Pepe Unchained (PEPU), which has just blasted past $7.5 million in funds raised in its presale.
It is mind-boggling how bullish investors are about Pepe Unchained, brushing off recession fears and a flash crypto crash to raise an additional $700,000 during three turbulent days.
This new and improved Pepe token operates on its own new Layer 2 chain on Ethereum, literally unchaining itself from the original Pepe’s old, clunky layer 1 blockchain on Ethereum, which is hampered by network delays and rising gas fees.
PEPE was originally built on the Ethereum blockchain and has long been confined by its layer-1 technology,
Behold, Pepe the Breaker of Chains! 🐸⛓️ pic.twitter.com/HZ61lgQ1A0
— Pepe Unchained (@pepe_unchained) August 6, 2024
The project is set to tackle the scalability, speed, and efficiency issues that often plague meme coins built on Layer-1 blockchains like Ethereum. As a result, Pepe Unchained enables investors to seize market opportunities with greater efficiency.
Token holders can also earn passively through the platform’s staking system, which offers 258% in annual rewards.
According to 99Bitcoins, a prominent crypto channel on YouTube with more than 706k subscribers, $PEPU could soar 100X after its launch.
You can buy $PEPU tokens currently for $0.0089105 each. With a price hike coming in less than an hour, buy immediately to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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