Ethereum ETFs Record $10.40M Outflow as Market Pressures Weigh on Prices

• Ethereum’s Hidden Bullish Divergence print signals a continuation in its upward price movement, suggesting potential long-term gains.
• Ethereum’s price layout suggests it could break through the $4,850 resistance level, pushing it toward $8,000.
• Market data shows ETH’s price fluctuating between $1,860 and $1,916.7, maintaining volatility with multiple price rebounds.

Ethereum has established a strong bullish signal after forming a Hidden Bullish Divergence pattern. This pattern, which developed during its recent bearish cycle, indicates that the underlying momentum remains intact. Ethereum’s price action now reflects a continuation phase that could push it past previous all-time highs.

Ethereum has formed a confirmed Hidden Bullish Divergence pattern in relation to its price action. This pattern usually emerges when an asset’s price is forming higher lows while its RSI prints lower lows.  The confirmation of this pattern means that the recent decline did not affect the previously emerging trend. On the contrary, it increases the chance of the Ethereum price to continue its upward trend in the future.

According to Javon Marks’s analysis, Ethereum’s historical price movement shows a clear upward trend with corrections. A trendline indicates an ascending pattern since 2018. The secondary chart shows a cyclical pattern in market momentum, with peaks aligning with price tops. 

The current phase resembles past accumulation zones before significant upward moves. The market structure remains intact despite corrections, maintaining higher lows. The projected curve suggests potential upward movement. Ethereum’s price history shows recurring bullish trends following periods of consolidation. 

A move above the $4,850 resistance level remains a critical target. Data suggests that Ethereum’s price structure aligns with a possible breakout beyond this level. If momentum sustains, Ethereum could extend toward the $8,000 mark. This move would also create favorable conditions for altcoins, leading to broader market recoveries.

Tracking the current market activity, CoinMarketCap data indicates that Ethereum is trading at $1,899.03, glancing at a 0.92% plunge in the past 24 hours. The market cap stands at $229.04 billion, with a 0.97% decrease. The fully diluted valuation is briefed at $229.08 billion. The 24-hour trading volume is $19.18 billion, showing a 28.47% drop. The volume-to-market cap ratio is recorded at 8.34%.

The total and circulating supply remains at 120.61 million ETH. The chart indicates a price fluctuation between $1,916.7 and a lower point near $1,860 before a recovery. The trend shows volatility throughout the day, with multiple dips and rebounds.

Tags:Altcoin Crypto market cryptocurrency Ethereum ETF