Ethereum stays range-bound despite ETF inflows
Ethereum remains range-bound despite inflows into spot ETFs and signs of de-escalation in the Middle East. Repeated tests of the $1,850 support level are increasing downside risk, while a sustained move above $1,950 is required to support further gains.
U.S. spot Ethereum ETFs recorded net inflows of $53.7 million on August 4, according to SoSoValue. However, the return of positive flows has yet to translate into stronger ETH performance, with the price continuing to trade within a sideways range without a decisive impulse.
The broader cryptocurrency market has also shown a muted response to signs of de-escalation in the Middle East. This contrasts with traditional assets: hopes for a diplomatic agreement supported equity markets while contributing to a notable decline in oil prices.
Weakening support raises downside risks
ETH continues to trade within the sideways range established on July 15. Support near $1,850 has already been tested more than ten times. According to traditional technical analysis principles, repeated tests gradually weaken a level and increase the probability of a breakdown.A sustained move below $1,850 could trigger a decline toward the 50-day moving average near $1,790, as noted previously. If that level fails to provide support, the next significant downside target would be around $1,700.
The bullish scenario remains possible. To regain upward momentum, Ethereum must establish a sustained position above $1,950, which could accelerate the recovery toward the psychological $2,000 level. Stronger trading volume would be needed to confirm the move.
Ethereum awaits a catalyst as liquidity remains limited
Activity across the cryptocurrency market remains subdued, while investor attention is focused on the U.S. equity market and earnings from major companies. Strong corporate results continue to be one of the main drivers of U.S. stock indices.This may temporarily limit liquidity inflows into digital assets. As earnings season draws to a close and autumn approaches, some capital could return to the cryptocurrency market. However, until a new catalyst emerges, Ethereum may continue trading within its current range.
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