Ethereum Price Prediction: Bulls May Struggle Ahead

• ETH’s performance against Bitcoin has been underwhelming, leading to a bearish weekly structure.
• Unless the $2.8k and $3k resistance levels are surpassed, the outlook remains bearish.

Ethereum price prediction shows bulls might struggle from this point. Ethereum [ETH] experienced a steady increase in gas fees as network activity surged. This increase is partly due to the rising usage of decentralized finance (DeFi) platforms and an uptick in ETH transfer volumes.

Technical analysis indicates that despite the market showing bullish momentum on a daily basis, some significant resistance levels overhead remain unbreached.

Ethereum’s Challenges Amid Consolidation

Since the March highs, Bitcoin [BTC] has only decreased by 13.4%. Meanwhile, ETH has dropped by 35.8%. This substantial underperformance compared to Bitcoin suggests that Ethereum’s price prediction remains bearish until the $3k resistance is broken.

The weekly chart shows a downtrend, with the most recent lower high at $2,820 needing to be surpassed. Beyond these levels, the next significant challenge lies in the $3.6k area.

Currently, the CMF at +0.3 indicates a strong buying pressure, which has contributed to the asset’s 16.7% gains over the past two weeks.

The ADX (yellow) and +DI (green) on the DMI reflect a strong and bullish trend, respectively. Despite this, the 50% Fibonacci retracement level continues to impede bullish momentum.

Netflows and Trend Strength

Source: CryptoQuant

Since late July, Ethereum has seen more outflows from centralized exchanges, suggesting accumulation. However, the accumulation is not as significant as during February or November 2023.

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Recently, netflows have shown numerous positive days over the past two weeks. Though the volume is not high enough to indicate an exodus, it suggests that some holders are opting to take profits. This trend might be a result of ETH’s performance since March.

Currently, the netflows chart does not support a highly bullish Ethereum price prediction for the upcoming 4-8 weeks.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion