Ethereum Price Stuck at $1,923.55 as Key Trendline Test Looms

The Ethereum price is currently stuck at $1,923.55, testing a descending trendline that has rejected price twice this month.

The ETH/BTC ratio is close to a level not held since last year, with a reading of 0.0296 and a potential target of clearing 0.03, which could shift Ethereum from following Bitcoin's lead to taking the market lead itself.

Meanwhile, spot ETH ETFs have seen five consecutive weeks of inflows, totaling $245M for the week of August 3 to 7, with the largest share of altcoin ETF flow that week, ahead of Solana, XRP, and HYPE combined.