Ethereum’s price is navigating a falling channel on the daily chart, finding support at $2,350 but struggling to break through the $2,800 resistance zone.
This led to an 11.22% drop over three days, with a brief 2.86% recovery at $2,400. However, it remains pressured below the $2,500 psychological barrier, hinting at possible further downside.
Recent Corrections and Performance
Ethereum has seen a 4.47% decline over the past week and a 23.98% drop in the last 30 days, though it remains up 48% year-over-year.
Bearish Patterns on the 4-Hour Chart
On the 4-hour chart, Ethereum’s failure at the $2,800 resistance led to a rising wedge breakdown, signaling continued bearish momentum with support likely at $2,350 and $2,150.
ETF Inflows and Market Signals
Ethereum spot ETFs saw a $5.8 million inflow on August 28, ending a nine-day outflow streak, but Grayscale’s Ethereum Trust continued its outflow trend. Despite over $2 billion in inflows for Ethereum ETFs, the market remains mixed.
Bearish Indicators Persist
The RSI and MACD on both the daily and 4-hour charts indicate ongoing bearish pressure, with Ethereum’s price action struggling to recover despite positive ETF inflows.