To regain bullish momentum, Ethereum’s (ETH) price has pumped over 4 percent in the last 24 hours to trade above $2,740 on Wednesday. The top altcoin, with a fully diluted valuation of about $329 million and a daily average traded volume of around $13 billion, has been attempting to close the CME gap between $2,737 and $3,030.

Ethereum price is on the verge of regaining the weekly 200 Moving Average (MA) as a support level following last week’s crypto capitulation. However, the altcoin faces a major resistance level of around $2,817, which requires buyers to outweigh the sellers.

Moreover, Ethereum’s fear and greed index was around 36 percent, denoting fear, at the time of this writing.

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Mixed Reactions from Ethereum Whales and Sharks

The recent crypto crash has triggered mixed reactions in the altcoin industry, amid the devastating $230 million WazirX hack. While some investors view the crypto crash as a temporary setback that will yield a major rebound, some traders have expressed significant pessimism.

According to on-chain data analysis provided by Lookonchain, Jump Trading has begun offloading the remaining assets after dumping a huge amount last week. Earlier today, Jump Trading transferred around 17k Ether, worth over $46 million, from Lido to exchanges for sale.

Meanwhile, BlackRock has continued acquiring Ether through its spot Ether ETF, ETHA, whereby it purchased over $49 million worth of ETH on Tuesday.

Midterm ETH Price Action

going close to the goal$ETH https://t.co/1niEbdryrm pic.twitter.com/Bby9jM0Ow0

— EliZ (@eliz883) August 14, 2024

From a technical standpoint, Ether’s price against the US dollar could form a bullish ascending triangle in the lower time frames. However, the altcoin faces a major resistance level below $3k amid the heightened bearish sentiment of August and September.

Nevertheless, Ether’s price against the US dollar has risen after rebounding on the support level of around $2,125 last week.

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