Ethereum (ETH) 'Eyes' Opportunity to Recapture $2,000... "If it Fails to Break $1,900, It's Over"

▲ Ethereum (ETH)/ChatGPT generated image

Ethereum (ETH) is aiming to break above $2,000 again. The recovery of the $1,900 level is considered the first gateway for a weekly rebound.

According to cryptocurrency media outlet Coingape on August 3 (local time), Ethereum fell 1.91% on Monday, recording $1,839. As the overall weakness in the cryptocurrency market continued last week, it also gave up its previous sideways trading range between $1,870 and $1,900.

For Ethereum to challenge $2,000, it must first reclaim the $1,870 to $1,900 range. Subsequently, it needs to maintain an upward trend above $1,920 to confirm the possibility of a bullish breakout. If it recovers $1,860 and rises to $2,000, the increase would be approximately 9%.

The Senate's handling of the US cryptocurrency market structure bill has also emerged as a market variable. On August 3, the Senate schedule only included a vote on the spending bill, and the US cryptocurrency market structure bill was excluded. As the Senate goes into recess on August 10, the time for processing the bill is also decreasing.

Funds flowed into the Ethereum spot ETF. According to SoSoValue, the net inflow on July 31 was $9.03 million. The cumulative net inflow was $11.21 billion, and the trading volume was $630.44 million. The net asset value was $10.23 billion, accounting for 4.55% of Ethereum's market capitalization.

Technical indicators are not yet showing strong buying momentum. The Moving Average Convergence Divergence (MACD) remained below the signal line, and the histogram also showed a slight negative. The Relative Strength Index (RSI) is around 40, not yet entering the oversold zone, but demand is weak. If $1,800 breaks, the rebound structure could weaken, and selling pressure could increase again.

[Article Key Summary]

-For Ethereum to break $2,000, it must first recover the $1,870 to $1,900 range.

-The Ethereum spot ETF saw a net inflow of $9.03 million, with net assets reaching $10.23 billion.

-If the $1,800 support level breaks, the short-term rebound structure could weaken, and selling pressure could increase.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*