Ethereum goes sideways on Wednesday above $2600

• On Wednesday, Ethereum prices rose to the $2672 level

Ethereum chart analysis

On Wednesday, Ethereum prices rose to the $2672 level. We are slowly moving away from the bullish rally from the beginning of the week. For the second day, the price is moving sideways in the $2600-$2680 range and looks a bit stuck. We are currently at $2620 and trying to stay in the support zone. The EMA 50 moving average is slowly moving to the bearish side and increasing the pressure on Ethereum.

There’s a possibility that the price could break below $2600, testing the weekly open level of $2580. A new push to that level could introduce instability on the chart, potentially leading to a bearish breakout. Lower targets at the $2560 and $2540 levels could come into play. However, the EMA 200 moving average could help slow down the bearish trend, preparing investors to respond to market changes.

The price is moving sideways after a weak bullish momentum moving away from the weekly high

For a bullish option, we need a positive consolidation and a crossing of Ethereum above the EMA 50 moving average and the $2640 level. With that step, we would start a small bullish momentum. We expect it to bring us back above the daily open level of $2652. By returning to the positive side, the chances of breaking above $2680 and thereby exiting the sideways movement range are increasing. Potential higher targets are the $2700 and $2720 levels.

Despite high expectations and a strong start for Ethereum ETFs in July 2024, the latest crypto-based ETFs have so far failed to sustain institutional interest. Challenges may lie ahead for Ethereum ETFs as speculation grows about the possible launch of ETFs for rival cryptocurrencies, such as Ripple’s XRP. The challenges facing Ethereum have not dampened the optimism of many cryptocurrency analysts.

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