As Bitcoin fluctuates under the $98,000 mark, Ethereum is aiming to bounce back from its $2,700 support level. Despite a pullback of 3.38% over the past 28 hours, the intraday recovery of 2.2% limits the bearish intensity.
The bulls are trying to make a comeback. Will this intraday pullback propel ETH price back above the $3,000 psychological mark? Let’s find out.
Ethereum Price Downtrends Amid EMA Bearish Crossovers
In the daily chart, the ETH price trend reveals the breakdown of a falling wedge pattern. Since then, alternating days of green and red candles continue for Ethereum, reflecting market uncertainty.
Ethereum Price chart
Currently, ETH is trading at $2,747, forming another green candle after a 3.63% pullback last night. Volatility remains high. While the overall trend remains bearish, the 50-day and 100-day EMA lines have given a bearish crossover, signaling caution.
However, the bullish stand above the $2,700 mark hints at a potential comeback for the ETH price trend. Supporting this outlook, the recent drop in the intensity of bearish histograms in the MACD indicator teases a bullish reversal.
Momentum is still weak. However, until the MACD and signal line form a bullish crossover, the momentum indicator will maintain a bearish stance.
Institutional Demand: BlackRock Leads Ethereum ETF Rally
As the ETH bulls struggle to regain momentum, institutional support remains strong. On February 6, U.S. spot Ethereum ETFs recorded a total daily net inflow of $10.65 million.
ETH ETF flow
Surprisingly, BlackRock was the only purchaser, while the remaining eight ETH ETFs recorded zero net inflows. This shows a clear divergence in demand. As BlackRock continues to buy Ethereum, the ETFs have now marked their sixth consecutive positive flow day.
However, the $10.65 million inflow marks the lowest volume in this ongoing buying spree.
Ethereum Price Targets: Key Levels to Watch
With the massive low price rejection candle on February 3, strong Ethereum support at lower levels is evident. The demand is holding strong. Given the ongoing surge in institutional demand, the market price could soon stage a quick turnaround.
In such a case, the immediate price target for ETH stands at the $3,000 psychological mark, followed by the resistance trendline at $3,100. On the flip side, crucial support levels for Ether remain at $2,650 and $2,150, which could be tested if bearish pressure resumes.
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