Ethereum (ETH) has been trading in a daily range between $2,300 and $2,800 since early August. Over the past three days, the price has struggled to break above $2,600, raising concerns among analysts and investors.

These results were disappointing, especially when compared to Bitcoin’s stronger performance this year. Critical data from Farside Investors reveals sinking interest in Ethereum ETFs, which has contributed to the cautious sentiment surrounding ETH. This drop in interest could indicate broader concerns about Ethereum’s future performance.

As ETH continues to face resistance at $2,600, the market remains uncertain about its ability to break higher. The next few days will be crucial to determine whether Ethereum regains momentum or continues to lag behind its competitors. The market is closely watching these events, making this a key moment for ETH.

Ethereum ETFs underperform

The launch of ETFs on Ethereum was anticipated with great enthusiasm, but quickly became a “sell the news” event. Data from Farside Investors reveals that Ethereum ETFs have had a penniless performance since their debut. Both inflows and outflows have fallen to virtually zero, reflecting a lack of sustained investor interest. This reaction contrasts sharply with the enthusiasm that preceded their launch.

Moreover, Bloomberg data provided by Galaxy Research highlights that Ethereum ETFs are traded at significantly lower volumes compared to Bitcoin ETFs. This discrepancy is significant, especially considering ETH/BTC trading volumes and market capitalization ratios on centralized exchanges (CEXs). Despite Ethereum’s forceful market presence, these ETFs do not attract the same level of investor attention as their Bitcoin counterparts.

Current data suggests that investors are more likely to favor Bitcoin or even explore alternatives like Solana over Ethereum in the current market environment. The lack of enthusiasm for an Ethereum ETF underscores broader market sentiment, with Bitcoin continuing to dominate, leaving Ethereum and its financial products in the dust. This development raises questions about the future appeal of Ethereum ETFs and whether they can gain traction in an increasingly competitive market.

ETH price action

Ethereum (ETH) is currently trading at $2,522, reflecting a period of uncertainty as it has remained below the $2,600 level since last Tuesday. This price point is significant as $2,600 was a forceful support level for most of August. The fact that it has now become resistance suggests that ETH could face further declines in the near future.

For the bulls to regain control and drive the price higher, breaking the resistance level of $2,600 is crucial. If this level is broken, the next target will be the local high of $2,820, signaling a potential bullish change. However, if Ethereum fails to reclaim the $2,600 level, it could lead to a continuation of the current downtrend, with the next key support level at around $2,310.

The continued battle between support and resistance levels highlights the importance of the $2,600 level in determining Ethereum’s short-term price direction.