With Bitcoin price heading toward the $68,000 mark, the crypto market has recorded a jump of 1.68% and is currently valued at $2.32 Trillion. With a 24-hour trading volume of $110.12 billion, it has experienced a jump of +26.04%.
Moreover, some top altcoins have recorded a surge of up to three digits, whereas Ethereum crypto has constantly failed to break out of its major resistance levels. Will the star altcoin regain momentum or is it on the verge of experiencing another price correction?
ETH Price Records A Consolidated Price Action!
With a jump of 1.28% in the past 24 hours, the Ethereum token has maintained its value above the $2,600 level. Moreover, it has added 7.73% to its valuation over the past week and 13.81% during the past 30 days.
However, it has been trading in a consolidated range between $2,100 and $2,800 since August. This highlights a weak bullish sentiment in the long-term perspective. Reportedly, the altcoin leader, ETH coin price has a YTD return of ~15%.
Ethereum ETF Update:
Over the past 24 hours, only 1 out of 9 ETH ETFs have recorded a positive flow. Fidelity’s “FETH” added $2.6 million, whereas 7 ETFs including Blackrock, 21 Shares, and Grayscale have recorded a neutral price flow. On the other hand, Grayscale’s “ETHE” has lost $15.3 million.
With this, the total for the day concluded at -$12.7 million. Despite increased price volatility in the ETH price, the weak inflow and outflow of funds suggest a mixed sentiment in the future price action of the altcoin leader.
Will ETH Price Reclaim $3,000 This Year?
If the Ethereum price holds its value above the $2.6k level, it could head toward its resistance level of $2,800 in the coming time. Maintaining the price at that level could set the stage for it to head toward its upper psychological level of $3,000.
However, if the market volatility increases, the ETH crypto could potentially retest its support level of $2,500. Further, if the bearish sentiment intensifies, the price could plunge toward its crucial low of $2,100.
To know when will Ethereum hit $5k? Read our Ethereum (ETH) Price Prediction 2024 – 2030
