Analysis Report on Ethereum's Technical Aspects.

On August 5th, Ethereum (ETH) continued its downward trend, reaching an eight-month low of slightly over $2,100. This decline was influenced by ETH transfers conducted by Jump Trading, rising geopolitical tensions, and apprehensions regarding the global economy, which collectively prompted a wider market correction. Following the introduction of U.S.-based spot Ethereum exchange-traded funds (ETFs) on July 23, net outflows from Ether investment products have totaled $430 million. Additionally, the significant drop in Ether's price has coincided with a reduction in network activity, evidenced by a decrease in both new and active addresses.

As of the latest update, ETH was trading at $2,511.

Over the past week, ETH has been experiencing a downward trend characterized by a 'Lower High Lower Low' pattern. The asset has breached a significant support zone ranging from $3,050 to $2,850, resulting in a notable decline. Prices fell to a low of $2,111. Nevertheless, ETH has rebounded from the robust support level at $2,150. Should it maintain its position above this support, a relief rally towards $2,850 could be anticipated. Conversely, if the support at $2,150 is broken, further declines may ensue.

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