Ethereum (ETH) Interest Lowest Since 2023..."Direct Path to $2,500 Still Possible"

▲ Ethereum (ETH)/AI-generated image

An analysis suggests that Ethereum (ETH) could rise to $2,500 if it breaks past $1,930, even amidst a sharp decline in trading volume.

According to FXEmpire on August 6 (local time), Ethereum has been consolidating between $1,830 and $1,930 in recent days. CoinMarketCap data shows that trading volume has decreased by approximately 50% in the last two days compared to the $14 billion recorded at the end of July. After breaking the $1,800 resistance, the upward momentum stalled, forming a bull flag on the daily chart.

Market sentiment also lacks a clear direction. The Crypto Fear & Greed Index hovered around 40, close to the neutral zone. This indicates that investors are not perceiving the recent rebound as a definitive signal of Ethereum's full recovery. The macroeconomic environment, with strong prospects for interest rate hikes, is also weighing on investor sentiment.

The lack of intrinsic upward momentum for Ethereum itself is also a burden. The Pectra upgrade in April 2025 served as a catalyst to end the bear market, but no similar positive catalysts have emerged recently. Santiment data also shows that the 7-day and 30-day moving averages of trading volume are declining in parallel without crossing each other. Market interest in Ethereum has fallen to its lowest level since December 2023.

In technical analysis, breaking past $1,930 was presented as a key condition for a bullish reversal. This price corresponds to the top of the bull flag. The forecast is that if buying pressure pushes past $1,930, it could rise to at least $2,500 in the short term. This target price is above the 200-day Exponential Moving Average (EMA), a long-term trendline, and also aligns with strong horizontal resistance.

The Relative Strength Index (RSI) has been above the baseline of 50 in recent days. However, to confirm a strengthened uptrend, it needs to surpass 60. FXEmpire analyzed that if trading volume does not recover, the recent rebound is unlikely to lead to new highs.

[Article Key Summary]

-Ethereum's trading volume has decreased by approximately 50% in the last two days compared to $14 billion at the end of July.

-An analysis suggests that breaking past $1,930 could lead to a rise to $2,500, the bull flag target.

-Market interest is at its lowest level since December 2023, and a recovery in trading volume is a key condition for sustained upward momentum.

*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.*