Ethereum (ETH) has made a notable recovery, surging nearly 20% following a significant market downturn on August 5th that erased over $212 billion from the crypto market. This rebound, driven by renewed dip-buying, has caught the attention of traders and investors alike. However, as ETH attempts to regain its former highs, the question arises: can it continue this momentum and push towards the $3,000 mark, or will it face further challenges? But while Ethereum navigates its recovery, a new player is emerging in the crypto space: Pawfury (PAW).
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Ethereum’s recent recovery can largely be attributed to its oversold condition. The cryptocurrency’s Relative Strength Index (RSI) fell below 30, a level that typically signals an asset is undervalued. This oversold status triggered a correction, with ETH bouncing back to around $2,500. The recovery was further supported by renewed inflows into U.S.-based spot Ethereum exchange-traded funds (ETFs), indicating a strong interest from institutional investors.
However, despite these gains, Ethereum remains in a broader downtrend. The recent rally could be a short-term response to oversold conditions rather than the start of a sustained uptrend. The market is now focused on whether Ethereum has the momentum to break out of this downtrend and move towards $3,000.
One of the critical factors influencing Ethereum’s future price action is the U.S. Federal Reserve’s monetary policy. The market is closely watching the Fed’s upcoming decision on September 18th, which could significantly impact Ethereum’s trajectory. According to CME data, there is a 64.5% probability of a 50 basis point rate cut, which could provide a boost to Ethereum and help it move closer to the $3,000 level.
On the other hand, if the Fed decides to hold rates steady, Ethereum could face renewed selling pressure, potentially leading to a decline towards the $2,200 level. Investors are keeping a close eye on these developments, as the Fed’s decision will likely be a crucial catalyst for Ethereum’s next major move.
Another positive sign for Ethereum is the recent accumulation of ETH by large holders, commonly known as “whales.” Data from Glassnode shows an increase in the number of entities holding at least 1,000 ETH, suggesting that these large investors are buying the dip and positioning themselves for a potential rally. This accumulation trend adds to the bullish sentiment around Ethereum and strengthens the case for further price appreciation.
ETH/USD daily price chart. Source: TradingView
From a technical perspective, Ethereum is currently trading within a consolidation range between $2,200 and $2,800. How the price behaves within this range in the coming weeks will likely determine its next significant trend. A rate cut could propel ETH towards the upper end of this range, while steady rates could lead to a retest of the lower trendline.
Ethereum’s path to $3,000 is fraught with challenges, but the recent accumulation by whales and oversold bounce provide hope for further gains. The upcoming Fed rate decision will be a critical factor in determining whether ETH can break out of its current range or face renewed selling pressure. Meanwhile, as Ethereum battles to regain its former highs, new opportunities like Pawfury (PAW) are emerging, offering investors the chance to capitalize on the next big thing in the cryptocurrency market. Pawfury is even offering a 10% bonus for first-time buyers using the code “EXTRA10X“.
Disclaimer: This is a sponsored press release for informational purposes only. It does not reflect the views of Times Tabloid, nor is it intended to be used as legal, tax, investment, or financial advice.
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