Ethereum Stagnates at $2.6K Despite Attempts to Surpass Resistance

• Ethereum price began showing declines in the last 24 hours sliding to $2.5K. 
• The token’s daily trading volume surged 30.12% according to CMC data.

The crypto market begins the week on a bearish note, with the overall market cap showing a 0.73% decline. While the token’s daily trading volume surged by 35.46%, leading cryptocurrencies showed daily declines. 

The largest cryptocurrency, Bitcoin, recorded a price reduction of 3.08% and slid to the $58K level. Leading altcoin, Ethereum also showed price declines in the last 24 hours. Notably, Ethereum in the last 24 hours showed a price decline of 3.44% and retraced back to the $2.5K level on August 19. 

At the beginning of the day, the token traded at a high of $2,663 after which it began sparking bearish candles and slid to an intra-day low of $2,565. At the time of writing, Ethereum was trading at $2,577 according to CMC data. 

Zooming out, over the past week, ETH has shown a price performance of 0.41% decline. This measure comes as a result of several price cycles when the token attempted to surpass $2,600. At the week’s beginning the altcoin traded at a high of $2,721, but kept sliding back to the previous levels. The token exhibits stagnation at the aforementioned $2.6K level over the past few weeks. 

Will Ethereum Price Break its Current Resistance? 

Market analyst Ali (Ali Charts) has predicted that Ethereum might slide to the $2300 price range. He also stated that the bearish outlook can be altered if the token climbs to the $2800 level. As stated, if Ethereum manages to break its current resistance then the token can be expected to reach its previous levels above $3K. 

On the other hand, the token’s current short-term 9-day MA stands below the long-term 21-day MA suggesting the current bearish trend. This downward movement has sustained the selling sentiment in the token. This is indicated by the altcoin’s RSI standing at 38.61 according to TradingView reports. 

Meanwhile, the spot ETH ETFs recorded negative weekly net outflows according to Sosovalue data. Additionally, the spot ETFs have failed to exhibit significant inflows over the past week. However, the previous week, the digital assets showed positive net flows for the first time since their launch.