Ethereum (ETH) ETFs Paused Amid Price Decline – Can ETH Rebound to $3000 Soon?
The cryptocurrency markets have shown signs of recovery following recent losses, with the global market capitalization surpassing $2 trillion in early trading. Ethereum has seen a resurgence, climbing back above $2500, while Bitcoin has surged past $57,000. Both leading tokens are approaching significant resistance levels, which could signal a break from recent bearish trends. The key question now is whether Ethereum’s price will push beyond $3000 and maintain its position in that range.
After a substantial decline, Ethereum has rebounded by approximately 4%, reclaiming the $2500 mark. This upward movement is believed to be linked to increasing inflows into ETFs. Despite initial outflows since the launch of ETFs, recent days have seen notable inflows, indicating growing confidence among market participants in the direction of the market.
ETH ETFs recorded a substantial inflow of $98.4 million recently, while outflows stood at around $39.7 million. This influx of capital is seen as a crucial factor driving the recovery, with Ethereum’s price showing strong bullish signals. The token’s behavior mirrors a previous pattern, suggesting a potential surge above $3000 in the near future.
Following a significant pullback that saw Ethereum drop to $2111, the bears have maintained a strong grip on the token. However, the current trading pattern appears to be repeating, hinting at a possible 20% upswing on the horizon. Technical indicators are signaling a potential bullish reversal, with the price approaching a key resistance level.
Although indicators like DMI and MACD currently show bearish trends, they also hint at a potential bullish crossover by the week’s end. The technical setup resembles patterns seen in early July, with Ethereum’s price consolidating upwards from $2900 to $3500. If bullish momentum persists, the token could see a rise from around $2400 to above $3000 in the coming days.
