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ETH Ethereum faces a key resistance level of $2550. If the weekly closing price exceeds this level, it may open the way for a hit of $3000. BlackRock's ETHA purchased US$1.02 billion worth of ETH over a nine-day period, with no net selling days. After ETH was blocked at $2550, it gained support around $2400, and a break below that support could test $2360 and $2320. After Ethereum rebounded from its August 21 low, it encountered resistance in the $2550 area, making ETH support and resistance the focus of attention. Income Sharks discussed consolidation and a possible move towards $3000, while Ted highlighted resistance at $2550. At the same time, Arkham reported that BlackRock's ETHA purchased $1.02 billion worth of ETH in nine days.
ETH blocked,$2550 resistance in focus
Income Sharks said traders tend to lose more during consolidation periods than during downtrends because they overtrade in sideways markets. Waiting during this period may be a better option, the analyst said. According to Income Sharks, if this decline marks a bottom, then ETH is moving similar to before. The analyst said the consolidation could create a new bottom. However, Income Sharks pointed out that ETH could also accelerate directly to $3000. The analyst added that market shocks could cause traders to liquidate long positions before the next round of gains.
Ted said ETH encountered resistance in the $2550 resistance area. According to Ted, a weekly closing price above $2550 could push Ethereum to $3000. However, Ted said that if it continues to be blocked in the region, ETH could fall to $2,000 - 2,100. As a result,$2550 remains the key level in the scenario outlined by Ted.
Ethereum falls back to near the US$2400 support level.
The chart shows that ETH has risen from the approximately US$2,320 - 2,360 region on August 21. It then reached approximately $2,520 - 2,540 between August 27 and 28. However, after the $2,500 - 2,520 area was blocked, selling followed. 
ETH fell to about US$2405 before stabilizing around US$2,435.36. The direct support range is between $2,400 and $2,420. If it continues to fall below US$2400, US$2360 or even US$2320 may be exposed. On the upside side, ETH needs to first recover US$2480. 2520-2540 The US dollar range remains the main resistance area and recent swing highs. Momentum indicators remain cautious. The RSI is 39.06 and its moving average is around 37.73. At the same time, the MACD histogram is +0.64.
BlackRock purchased US$1.02 billion in ETHA
Arkham reported that BlackRock's customers purchased more than US$1 billion in ETH through ETHA. These purchases took place over a nine-day period and did not have any net selling days. According to Arkham, ETHA purchased US$1.02 billion worth of ETH during this period. Arkham estimates the average purchase price of ETHA at $3060 per ETH.
