The News Crypto -
- Ethereum shows recovery after a 14% monthly decline.
- Whale activity and ETF outflows indicate bearish sentiment.
Ethereum, the leading altcoin, has shown signs of recovery after a challenging month, where it declined by 14%. In the past 24 hours, ETH surged to $2,563 before settling at $2,520.29, marking a 2.65% decline. It traded within the range of $2,434 and $2,563, but trading volume fell by 3.27%.
Notably, Ethereum started the month at an eight-month low of $2,111 and has dropped 7% in the past week. This decline aligns with broader market volatility and ongoing ETF drama. As of August 30, the cumulative net outflow from US ETH Spot ETFs stands at minus $477 million.
Moreover, whale activity has also diminished, with significant declines observed in high-value transactions. Between March 13-19, Ethereum recorded 115.1K whale transactions, compared to just 31.8K between August 21-27. Recent transactions include 30,000 ETH ($75.6 million) and 46,800 ETH ($117.8 million) transferred from Binance to Binance Beacon Deposit, and 13,424 ETH ($33.9 million) moved from an unknown wallet to Coinbase (NASDAQ:COIN).
CryptoQuant data indicates Ethereum exchange inflow is at its lowest in 30 days, signaling a potential buy opportunity. Additionally, a decline in large holders’ netflow suggests a bearish outlook among whales. Since ETH dropped below $3,000 in early August, large holders have gradually reduced their exposure, with netflow down 17% over the past 30 days and 36% in the past week.
Can ETH Surge Past $2.7K?
The daily chart shows Ethereum in a precarious bullish trend, with the 9-day Exponential Moving Average at $2,536 and the Relative Strength Index (RSI) at 42, nearing oversold conditions. If bullish momentum continues, resistance levels at $2,661 and $2,818 could be tested.
However, sustained bearish sentiment may push ETH down to $2,422, with potential support at $2,297. Traders are closely monitoring Ethereum’s performance as it navigates these crucial levels.
This article was originally published on thenewscrypto.com
