Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
More
Ethereum Analyst: Bulls Must Hold $2,500, Spot ETF To Catalyze Demand
Ethereum, similar to most altcoins, is under significant selling pressure, struggling to shake off the weakness of early August. Even though there were flashes of strength after the climactic sell-off on August 5, prices are still below $2,800.
The only positive for now, at least looking at the daily chart, is the impressive bulls’ resilience. Despite the wave of lower lows, buyers have soaked in the deluge of selling pressure, holding prices above the $2,500 mark.
The bearish formation, nonetheless, remains, but one analyst thinks the rejection of lower prices below $2,500 is critical.
Ethereum Bulls Must Keep Prices Above $2,500
In a post on X, the analyst said that bulls must hold Ethereum above $2,500 for the uptrend to remain. The round number, looking at price evolution in the daily chart, marks the base of the bull flag.
Related Reading
XRP Price Poised for Steady Rise: Can It Maintain Its Uptrend?
11 hours ago
In the past few trading days since the spike on August 8, Ethereum has been trending below the $2,700 and $2,800 resistance zones. At the same time, support remains clearly at $2,500. As price action consolidates, a bull flag has formed, signaling strength.
The leg up, the analyst added, would likely be driven by inflow into spot Ethereum ETFs. Since approving spot ETFs in July, institutions have been keen to find exposure.
Taking to X, one ETF analyst notes that inflows now exceed $2 billion, excluding the outflows from Grayscale’s ETHE. During this period, BlackRock’s iShares Ethereum ETF has been driving demand.
Beyond the inflow from spot Ethereum ETFs, Vitalik Buterin thinks there has been positive progress that may prop up prices. Among these is the drop in gas fees in the mainnet and via layer-2 solutions like Base.
Related Reading
September 10: A Bitcoin Game Changer, Says Hedge Fund Founder
11 hours ago
Moreover, the co-founder noted that decentralization efforts by Arbitrum and Optimism is massive. Arbitrum and Optimism recently announced their fault-proofs. However, Optimism reverted to a centralized fault-proof after an audit report, allowing flaws to be fixed.