In a notable turnaround, Ethereum’s price has jumped over 4% in the past 24 hours, reaching above $2,740 on Wednesday. This bullish move is part of a broader strategy to close the CME gap between $2,737 and $3,030. With a robust market cap of approximately $329 million and a daily trading volume of around $13 billion, Ethereum is making a strong bid to regain its bullish streak.

Ethereum is poised to reclaim the crucial weekly 200 Moving Average (MA) as a support level after last week’s market shake-up. However, it faces a significant hurdle at $2,817, where it needs more buying power to push past the sellers.

Currently, Ethereum’s fear and greed index stands at 36%, reflecting a prevailing sense of caution in the market.

Whales and Sharks Weigh In

The recent crypto chaos, intensified by the $230 million WazirX hack, has sparked a range of reactions in the altcoin world. Some investors view this downturn as a temporary blip with potential for a major rebound, while others are bracing for further declines.

On-chain data from Lookonchain shows that Jump Trading, after a massive sell-off last week, has moved about 17,000 ETH (worth over $46 million) from Lido to exchanges, possibly signaling additional sales.

In contrast, BlackRock is doubling down on Ethereum, purchasing more than $49 million worth of ETH through its spot Ether ETF, ETHA, on Tuesday.

What’s Next for Ethereum?

Technically, Ethereum’s price might be forming a bullish ascending triangle on shorter time frames, hinting at a potential upward trend. However, it still faces a tough resistance level just under $3,000 amidst the ongoing bearish sentiment of August and September.

Despite these headwinds, Ethereum has recently bounced back from a support level of around $2,125, suggesting that a rebound could be on the horizon.

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