Ethereum faces potential breakdown as hawkish Fed stance pressures crypto markets
Ethereum dropped Friday after hawkish Fed comments, with the 2,350-2,550 range key for next trend direction.
Ethereum dropped Friday after hawkish Fed comments, with the 2,350-2,550 range key for next trend direction.
Ethereum fell 3.7% from August high as short-term ETF inflows slowed and whale selling emerged, but long-term structural indicators remain supportive.
Arbitrum rose 26% on Robinhood Chain's record fees, while BTC and ETH fell. ARB broke a six-week range but faces resistance and key dates in September.
Ethereum starts September at $2,452, with the $2,438 Fibonacci level as key support after a trendline breakout.
Ethereum futures hold above VWAP at $2,477.70, with bulls maintaining a mild edge but facing resistance near $2,500.
Strive, BitMine, and MicroStrategy added to their crypto holdings, with Bitcoin buyers spending over $500 million. ETF inflows also surged.
Blokyz NFT sale drew $64M in ETH, but only $566K was kept; most entries were refunded.
Ethereum holders pulled 1.4M coins off exchanges since June 3, while Bitcoin balances rose, and ETF flows show a similar divergence.
Ethereum gained 27% in a week amid ETF inflows exceeding $1.2 billion in August, with a medium-term target of $2,800.