Ethereum Price Volatility: Can Bulls Break Through the $2,550 Barrier?

Ethereum's price has been volatile in recent days, surging to $2,467.13 on Tuesday before dropping to $2,446.18 by the end of the day.

This comes after a strong August for Ethereum, which saw its price gain 31.1% and reach a seven-day high of $2,525.24 on August 21.

The rally was largely driven by exchange-traded funds (ETFs) pulling in $1.42 billion across nine consecutive sessions from August 17 to August 28, with one issuer accounting for 72% of the total.

However, the price has now failed three times at $2,550, which sits directly on the 50-week moving average at $2,542.