Ethereum dropped by around 4% in the past 24 hours, slipping back to around $1,835 after briefly climbing above $1,930 earlier this week.
Despite the pullback, two market analysts continue to point to near-term upside based on different indicators, although one believes the recovery will be followed by a much deeper correction before a new bull cycle begins.
$ETH Market Roadmap
Upon observing Ethereum’s historical behavior around the 0.8 MVRV Pricing Band, Ali Martinez found that the asset has repeatedly rallied toward, or even above, its Realized Price after reclaiming the band as support over the past six years. After briefly trading below the 0.8 MVRV band, $ETH has now moved back above it, which prompted Martinez to identify its Realized Price at $2,245 as the next major level to watch if the historical pattern repeats.
Separately, Tony Research said the market is unfolding as he previously expected after Ethereum reached $1,900. The analyst believes the current correction into the $1,800 zone will be followed by a rally toward $2,000, and a further move to around $2,200 could transpire if Bitcoin climbs to $70,000.
After that, Tony Research expects 7-10 days of distribution before Ethereum declines into a final bottom zone between $1,260 and $890, which the analyst considers a dollar-cost averaging opportunity ahead of a new bull cycle targeting $7,000. It is also likely that $ETH could briefly retest its 2022 bottom with a wick without breaking the broader trend.
The analyst explained that the outlook depends heavily on Bitcoin’s performance.
ETF Inflows Stall
On the institutional side of things, US-based spot Ethereum ETFs saw more than $28 million in net outflows after posting inflows for two straight days. Grayscale’s $ETH recorded the largest withdrawals at nearly $14.3 million, followed by Fidelity’s FETH with $11 million and Grayscale’s ETHE with $4.8 million in outflows.
You may also like:
Arthur Hayes Buys $ETH Above $1,900 Weeks After Selling at $1,700
Ethereum Tops $1,900 in a Six-Week High, Where to Next For $ETH?
XRP and $ETH Traders Turn Bullish as FOMO Surges to 5-Week High: Santiment
On the other hand, Bitwise’s ETHW was the only fund to attract fresh capital after bringing in $2.3 million, according to data compiled by SoSoValue.
Despite this, July has remained positive overall, as total net inflows surpassed $190 million. So far this year, these funds have posted net outflows in five months, while only April and July have recorded net inflows.