The second most traded cryptocurrency is trading with a bearish bias at a 3,045 level during the US session. 8% of hedge fund’s CFOs expect digital assets to become an alternative investment. Forex trading market participants should look for a sell-stop below the $3,000 level. The second most traded cryptocurrency pair is trading with a bearish bias at a 3,045 level during the US session. Yesterday, the ETH/USD closed at $3162.71 after placing a high of $3273.26 and a low of $3121.62. The pair kept on with its bullish trend and extended its gains on Wednesday. However, it faced some pressure above $3200 and lost most of its daily gains amid the cryptocurrency market’s recent depressing environment. At the moment, the Ethereum price prediction is bearish, and it’s testing the triple bottom support level of 3,054 level. Get FREE Crypto Signals Now! A day before, the second-largest cryptocurrency by market cap turned higher as a multi-billion investment management firm with $402 billion assets under management revealed that it had added exposure of Bitcoin and Ethereum into its funds. 8% of Hedge Fund’s CFOs Expect Digital Assets to Become an Alternative Investment Neuberger Berman Group LLC has disclosed that it was permitting active exposure to crypto investments. It is a well-known wealth management company. The company is adding an exposure of ETH and BTC through ETFs. While the trusts will help support the whole cryptocurrency market. Neuberger Berman is one of the latest firm to enter the crypto space. By doing so, it has joined the expanding list of hedge funds that were investing in cryptocurrencies. Given the popularity of ETFs and indirect exposure of digital assets, 98% of hedge fund CFOs expect digital assets to become an alternative investment for the industry. It seems like a lot more companies will start adding crypto to their portfolios in the next couple of years as several giant firms were entering the space. Neuberger Berman has added ETH to its fund. However, after this news gathered all the attention, investors started realizing the impact of the newly approved infrastructure bill on the crypto market. Therefore, investors began moving the price in the opposite direction. The ETH/USD is now trading at a $3,054 level after reaching the $3270 level yesterday. Infrastructure Bill to Collect $1 trillion in Funds The new infrastructure bill to collect $1 trillion in funds was passed from Senate on Tuesday. The cryptocurrency market has come under pressure since then amid the future consequences of this bill. The law includes significant infrastructure projects and roads, and bridges. However, it also contains a mandate that requires reporting capital gains to IRS from digital asset brokers. Furthermore, it also obligates reporting of a transaction worth 10,000 in the digital asset. This could be harmful to some cryptocurrency firms like software developers, wallet creators, miners, etc. Hence, the cryptocurrency market came under pressure, and ETH/USD also followed the trend and lost most of its daily gains on Wednesday. Stronger US Dollar Pressures the ETH/USD Pair The Bureau of Labor Statistics has released the PPI data in favor of the US dollar. The Producer Price Index grew 1.0% in July, seasonally adjusted. Whereas the final demand prices expanded 1.0% in June and 0.8% in May. Furthermore, the Department of Labor released the Unemployment claims figures, which are almost neutral. The unemployment claims were 375K, a drop of 12,000 from the prior week’s updated level. The last week’s level was changed up by 2K from 385K to 387K. Therefore, the US dollar is gaining bullish momentum and driving a bearish trend in Ethereum price prediction. ETH/USD – 4 Hour Timeframe Ethereum Price Prediction – Daily Technical Levels Support Resistance 3098.46 3250.10 3034.22 3337.50 2946.82 3401.74 Pivot point: 3185.86 Ethereum Price Prediction – Daily Technical Analysis: Triple Bottom Support at 3,050 Ethereum price prediction is bearish, and it’s testing the triple bottom support level of 3,054 level. The ETH/USD’s immediate resistance stays at the $3,175 level, and a bullish breakout of this level can extend buying trend until the $3,280 level. On the 4-hour chart, the ETH/USD pair has closed a series of a bearish engulfing candle, confirming a bearish trend in the ETH/USD pair. On the bearish side, a breakout of a triple bottom support 3,054 level can trigger further selling until the $2,899 level. The 50 days EMA (exponential moving average – red line) supports a strong selling trend in Ethereum. Therefore, the selling bias is likely to dominate below an intraday pivot point level of $3,180 level. The oscillator indicator Stochastic RSI has entered the oversold zone as it holds at 1.37. Therefore, the failure to close below the 3,054 level is likely to trigger a bullish bounce-off. Thus, the Forex trading market participants should look for a sell-stop below the $3,000 level. The initial target remains at $2,920 and $2,889. All the best. Looking to buy or trade crypto now? Invest at eToro! Buy ETHEREUM Now Capital at risk Ali B. Ali B. Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection. Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis. View All Post By Ali B. Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Crypto NewsDaily Look share Read Next US PPI & Jobless Claims Dampen EUR/USD: Sell-limit at $1.1745 Ali B. 2 months The second most traded cryptocurrency is trading with a bearish bias at a 3,045 level during the US session. 8% of hedge fund's CFOs expect digital assets to become an alternative investment. Forex trading market participants should look for a sell-stop below the $3,000 level. The second most traded cryptocurrency pair is trading with a bearish bias at a 3,045 level during the US session. Yesterday, the ETH/USD closed at $3162.71 after placing a high of $3273.26 and a low of $3121.62. The pair kept on with its bullish trend and extended its gains on Wednesday. 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