Ethereum Losing Shine As Buying Interest Fast Fall: What’s Happening?

Ethereum is steady but still shackled by bears. For now, conservative but bullish traders can wait for price action to develop. Until there is a strong close above the immediate local resistance levels, the path of least resistance will be southwards. Specifically, traders must break above $3,500 for a clean shift in trend. On the other hand, as long as prices struggle to sustain the upside momentum, sellers will easily take over, driving the coin to August lows.

The path of least resistance is southwards. Over the past few weeks, $3,000 has proven elusive, and traders are struggling to maintain this valuation. As prices consolidate but remain within a bearish formation, its performance shows. Ethereum is stable in the past day but down 6% in the previous week. Interestingly, trading volume remains muted, averaging just $14 billion in the past day. For activity to spike, prices must soar above $2,800 or fast dump below $2,100 in a bear trend continuation formation.

Amid the stalemate, at least in the short term, traders are looking at the following trending Ethereum news:

• After nine days of outflows, spot Ethereum ETFs in the United States posted net inflows. This is massive and a big shot in the arm for optimistic traders. Confidence from institutions could set a firm base for the next leg up.
• Still, even though traders are optimistic, the funding rate on Ethereum perpetual platforms like OKX has been dropping. Therefore, unless there is a sharp rise in funding rate—signaling interest from buyers, ETH will technically remain bearish.

Ethereum Price Analysis

ETH/USD is under pressure.

From the daily chart, the coin is still within the early August bearish range.

At the same time, the coin is moving inside the August 27 bear bar.

As long as Ethereum is below $2,800, every attempt higher would offer entries for aggressive sellers.

If sellers press on, breaking $2,100, sellers will take over, confirming losses of August 4 and 5.

In that event, the possibility of ETH dropping to $1,800 will be high.