Ether's Price Analysis and Future Predictions

Ether's price is currently 25% above the eight-month low of $2,112, showing a 13% increase in the last week. Despite this, analysts foresee downside risks for Ether in the near future. McKenna from Arete Capital predicts Ether to remain range-bound around $2,800-$2,900 for August and part of September. The recent drop in price was attributed to ETH dumping by market maker Jump Trading and recession fears. Analysts like Peter Brandt present two scenarios for Ether's price action based on chart patterns, with a potential drop to $1,650. Funding rates for Ethereum have turned negative, indicating a shift towards bearish sentiment. The current bear flag on the daily chart suggests a possible downtrend continuation, with support at $2,540. A break below this level could lead to a 35.82% decline to $1,640. Market conditions still favor the downside, as indicated by the RSI around 37.