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Ethereum (ETH) is making a bold play to reclaim its bullish territory. The second-largest cryptocurrency has surged over 4% in the past 24 hours, trading above the $2,740 mark. This momentum comes as the market watches closely to see if ETH can successfully bridge the CME gap between $2,737 and $3,030. With a huge daily trading volume of around $13 billion, Ethereum’s every move is being closely watched.

What’s coming next?

Key Levels to Watch

Ethereum is close to regaining the weekly 200 Moving Average (MA) as a support level, following last week’s market downturn. However, the altcoin faces strong resistance around $2,817, which will require buyers to outweigh sellers to maintain its upward momentum.

Understanding the Market Sentiment

At the time of writing, Ethereum’s fear and greed index is at 36 percent, indicating fear in the market. The recent crypto crash, worsened by the $230 million WazirX hack, has led to mixed reactions. Some investors see the downturn as a temporary setback that will eventually lead to a rebound, while others are more pessimistic.

On-chain data from Lookonchain shows that Jump Trading has started to offload its remaining assets after a large sell-off last week. Today, Jump Trading transferred about 17,000 Ether, worth over $46 million, from Lido to exchanges for sale. In contrast, BlackRock has continued to acquire Ether through its spot Ether ETF, ETHA, buying over $49 million worth of ETH on Tuesday.

Ethereum Technical Analysis

Technically, Ethereum’s price against the US dollar might form a bullish ascending triangle in lower time frames.

However, it faces significant resistance below $3,000 amid the bearish sentiment expected for August and September. Despite this, Ethereum’s price has risen after bouncing off the support level of around $2,125 last week.

Ethereum’s future hangs in the balance. Are you bullish or bearish on the top altcoin? Share your reasons why.

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