Ethereum's bearish U-turn? ETH price momentum fades after $1.6K rejection
Ether risks falling further below $1,350 in August as the ETH price rally is losing steam. Ethereum's native token Ether (ETH) tumbled on July 26, reducing hopes of an extended price recovery. The ETH/USD pair dropped by roughly 5%, followed by a modest rebound to over $1,550. Ethereum gets rejected at $1,650 These overnight moves liquidated over $80 million worth of Ether positions in the last 24 hours, data from CoinGlass reveals. ETH/USD hourly price chart. Source: TradingView The seesaw action also revealed an underlying bias conflict among traders who have been stuck between two extremely opposite market fundamentals. The first is the euphoria surrounding Ethereum's potential transition to Proof-of-Stake in September, which has helped Ether's price to recover 45% month-to-date. However, this bullish hype is at odds with macroeconomic headwinds, namely the Federal Reserve's and European Central Bank's hawkish stance, which put pressure on risk assets and saw E...