Ethereum’s price slipped 1.44% to $1,856.19 on August 3, with the second-largest cryptocurrency consolidating between the 0.382 Fibonacci level at $1,837.76 and the 0.5 level at $1,939.99. A descending trendline from the May peak continues to cap upside, while the daily RSI hovers at a neutral 49.99, leaving near-term direction undecided.
Despite the sideways price action, spot ETH exchange-traded funds (ETFs) recorded $27.42 million in net inflows for the week ending July 31—the fourth straight positive week. This contrasts with Bitcoin ETFs, which snapped their own streak of inflows over the same period, indicating rotational interest into Ethereum products.
On the ETH/BTC ratio chart, a cup and handle formation is developing just below the 0.030 neckline. A confirmed breakout above this level would signal a shift toward Ethereum outperforming Bitcoin in the short term, potentially propelling ETH toward the psychologically important $2,000 mark. The technical setup, combined with steady ETF flows, adds a bullish tilt to the consolidation phase.
