Ethereum slipped to $1,856 on August 3. The move came as institutional money kept flowing into spot ETFs, marking a fourth straight week of inflows while Bitcoin products were bleeding out on the same day.
The chart tells two stories. ETH is pinned between Fibonacci support at $1,837 and the 0.5 level at $1,940, with a stubborn descending trendline from May refusing to budge near $1,900. The 100-day average sits at $1,926 and clusters with that trendline, effectively boxing the bounce. RSI landed dead center at 49.99, meaning momentum hasn't made a real commitment yet. To reach $2,000, Ethereum needs to clear that $1,925 to $1,940 zone without hesitation.
ETFs Show Divergence as Bitcoin Stumbles
Spot Ethereum ETFs pulled in $27.42M during the week ending July 31, the softest week of the four-week winning streak but still firmly positive. That's $103.90M, $105.44M, $84.42M, and then $27.42M in consecutive weeks. Total inflows across all products have now hit $11.21B, with net assets sitting at $10.23B. The kicker came on July 31 itself: Bitcoin spot products logged a $265.37M daily outflow, snapping their own winning streak. While Ethereum held steady, Bitcoin traders were heading for the exits.
The ETH/BTC ratio is building a cup and handle pattern just below the 0.030 neckline. If that breaks, traders expect Ethereum to outperform Bitcoin in the near term. For now, the setup remains fragile. The 50-day EMA at $1,849 acts as the first support line if selling resumes. Below that sits the 0.236 Fibonacci at $1,711, then the June lows around $1,507.
This material is informational only and does not constitute financial advice or investment recommendations. Conduct your own research before trading or investing.
