Ethereum is trading at $2,098 with a 1.5% drop in the past 24 hours. This marks a 10% drop in the past 7 days and holds a market cap of $252 billion.
Currently, the Ethereum price has registered a 24-hour low at $1,988. With the short-term bullish recovery, will Ethereum bounce back to $2,500? Let’s find out.
Ethereum Price Trend To Revisit $1,500?
In the daily chart, the Ethereum price trend showcases a fall and continues to fall with a lower low formation. The recent pullback of 8.31% on Sunday has created a bearish engulfing candle.
This nearly breached the $2000 psychological mark while marking the lowest daily closing price since December 2023. Currently, Ethereum is creating a bullish candle with a 3.90% intraday recovery.
However, the higher price rejection from the 24-hour low at $2152 warns of a post-retest reversal. Based on the price action analysis, the downfall in Ethereum could test the $1500 mark with a post-retest downfall.
Supporting the chances of a downfall, the crucial exponential moving average lines maintain a bearish alignment in the daily chart. Furthermore, the MACD and signal lines are maintaining a declining trend in the negative directory. Hence, technical indicators trigger a sell signal on Ethereum.
Analyst Eyes Ethereum Price Recovery Despite Outflows in ETFs
Last week, along with the massive outflow in the Bitcoin ETFs, Ethereum ETFs also recorded an outflow of $93.9 million. This marks the third consecutive outflow week for Ethereum ETFs.
The crypto analyst Ali Martinez highlights the possibility of a new recovery run in Ethereum, marking that the analyst marks a descending triangle pattern in the hourly price chart. Currently, the Ethereum recovery above the 26th trendline could trigger an 18% surge in Ethereum.
