Ethereum Price Consolidates at $2.6K Amid Increasing Selling Pressure

• Ethereum price dipped 0.35% in the last 24 hours according to CMC data. 
• The altcoin has shown increased volatility in the past day, before surpassing $2.6K.

The beginning of August witnessed a spur of activity within the crypto sector. While most of the market attention was focused on the first-week market crash, regulatory activities, and notable partnerships took place. Meanwhile, this following week exhibits price revivals from key cryptocurrencies as Bitcoin retracted to $60K. Leading altcoin Ethereum also surpassed $2.5K after inching closer to a dip below $2,000. 

Notably, Ethereum’s price over the past week despite several bearish candles managed to break resistance at the $2,500 level. In the past 24 hours, fueled by bull-bear combats, the altcoin showed a 0.35% decline in price. Additionally, the token’s daily trading volume dipped 36.71%. 

In the Asian evening hours of August 9, ETH struggled to surpass $2.5K and traded at a low of $2,552. Following this, ETH made several attempts to sustain prices above $2,600 until the early hours of Saturday. At the time of writing, Ethereum was trading at $2,633 as per CMC data . 

Meanwhile, despite the ETH bulls marking a brief victory, the token shows signs of entering a consolidation phase at the $2.6K level . Additionally, the token exhibited strong bull-bear combats as prices showed intra-day fluctuations. This is indicated by the token’s RVI showing a sharp increase in the past day and currently standing at 46.43. 

Is Ethereum Showing Increased Sell-Offs After Recent Price Dip? 

Zooming out, in the past week ETH price shows 11.89% decline owing to the aforementioned price dips. While the token’s year-to-date performance stands at a 15.43% increase, its monthly performance shows price declines. Relatedly, the token’s short-term 9-day MA lies below the long-term 21-day MA indicating this bearish trend. 

ETH/USDT Daily Price Chart (Source: TradingView )

Moreover, Ethereum’s RSI stands at a low of 37.55 as per TradingView reports. This indicates a persisting selling pressure among investors. Additionally, according to coinglass data , ETH witnessed $23.29 million in liquidations over the last 24 hours. These inferences suggest that the altcoin might be facing sell-off surges after the recent dip. 

Furthermore, the US spot ETH ETFs also recorded outflows as of August 9 as per Sosovalue data. It marks the third consecutive day of outflows in the digital assets. 

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