Ethereum (ETH) Price Surged 10% After Rebounding From Support, But Overall Market Sentiment Remains Bearish

Despite its recent gain, Ethereum is struggling to keep up with Bitcoin, which has seen its dominance reach its highest level since April 2021.

Ethereum price experienced a surge of 10% following a rebound from a crucial support level. However, the overall market sentiment remained bearish.

Approval of spot Ether ETFs led to selling pressure, while technical indicators pointed towards bearish dominance. Despite the bearish outlook, some analysts predicted a short-term price increase for Ethereum.

Here's a summary of the key points:

- Ethereum price surged 10% after rebounding from support at $2,116.

- Despite the gain, Ethereum struggled to keep pace with Bitcoin, whose dominance reached its highest since April 2021.

- Approval of spot Ether ETFs in the U.S. triggered a “sell-the-news” response, exacerbated by large cash outflows from Grayscale's ETHE.

- August and September are typically bearish for the crypto industry, presenting challenges for Ethereum bulls.

- If Ethereum's price stabilizes at current levels by the week's end, it may form a dragonfly candlestick, signaling a strong bullish move after a successful reversal.

- Technically, Ethereum faced a bearish phase, with short-term holders incurring significant unrealized losses.

- Ethereum's daily chart displayed a death cross between the 50 and 200 Moving Averages (MAs) since November 2023, highlighting the ongoing bearish trend.

- Crypto analyst Ali Martinez remained optimistic, anticipating a potential price breakout to around $2,820 in the coming days.

- Ethereum showcased a bull pennant pattern on the one-hour chart, suggesting possible upward momentum.

- As the crypto market remained volatile, all eyes were on Ethereum to either defy the odds and soar or succumb to the bearish pressure.

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