The Ethereum price climbed 2% in the last 24 hours to trade at $3,249 as of 00:54 a.m. EST on trading volume that rose 5% to $21.7 billion.
The ETH price pump came after Ethereum ETFs recorded outflows of $151 million on their third day of trading on July 25 and as the Grayscale ETHE ETF racked up outflows of more than $1.1 billion in three days.
Another key development in the ETH ecosystem came when a wallet associated with the Ethereum Foundation transferred roughly $290 million in Ether after seven years of no movement, according to blockchain analytics platform Lookonchain.
The Ethereum prices has meanwhile invalidated the rounding top pattern to rebound from the $3,111 support level, according to data from GeckoTerminal .
Ethereum Price Set To Continue With The Bullish Trend Reversal
Ethereum price Chart Analysis Source: GeckoTerminal.com
In the last five days, the Ethereum price has been on a downtrend, which completed the rounding top pattern, as it found support at $3,111. The bulls have since used this support to push the token up.
ETH price trades below both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the current price retrace. The 200-day SMA acts as the immediate resistance level at $3,300.
Moreover, the Relative Strength Index (RSI) seems to be rebounding from below the 30-oversold level as it climbs up. This shows that buyers are currently exerting pressure, adding more to their positions.
If the buying pressure sustains, the Ethereum price will soar to breach the $3,300 resistance (200-day SMA) in a few hours. In the long-term, the bulls are targeting $3,700.
The RSI and the golden cross at $3,319 offer bullish prospects to optimistic investors.
However, if the bears still make use of the rounding top pattern, the price of Ethereum could retrace to the next support level at $3,058.
