Ethereum tests key support after ETF outflows
Ethereum has entered a technical correction after failing to reach the $2,000 resistance level. Despite net outflows from spot Ethereum ETFs, the current pullback still appears to be driven primarily by profit-taking rather than any deterioration in the asset's fundamentals.
No major fundamental developments emerged for Ethereum over the past 24 hours. After several weeks of steady gains, investors began locking in profits, while an additional headwind came from $28 million in net outflows from spot Ethereum ETFs.
Ethereum's uptrend faces a crucial test at $1,800
As highlighted in our previous analysis, the base-case scenario was for Ethereum to test the psychological $2,000 resistance before entering a short-term correction. However, ETH began to pull back before reaching that level.
The price is now testing an ascending trendline that coincides with key support around $1,800. As long as Ethereum remains above this area, the probability of another attempt to reach $2,000 remains intact.
A decisive break below $1,800 would likely trigger a test of the 50-day simple moving average (SMA) near $1,750, with the next downside target around $1,650.
Ethereum pauses after a strong July rally
Since the beginning of July, Ethereum has gained more than 24%, outperforming the broader cryptocurrency market. This strong rally has encouraged short- and medium-term traders to lock in part of their profits.
Volatility is likely to increase over the coming days. Short-term traders should closely monitor price action around the ascending trendline, which remains the key technical support needed to preserve the current bullish outlook.
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