Decentral Block Post

Bitcoin (BTC) price has been trying to change course while the S&P 500 is still giving up gains on a daily basis. Even though the United States equities markets have been grinding lower since Aug. 26, Bitcoin has managed to hold on to the $20,000 mark. 

However, investor interest seems to be shifting away from Bitcoin. That has led to a reduction in assets under management (AUM) for Bitcoin investment products, which dropped 7.16% in August to $17.4 billion, according to a new report by CryptoCompare.

In comparison, the AUM for Ethereum (ETH) products increased 2.36% to $6.81 billion during the same period, indicating that investors are positioning themselves in Ethereum products ahead of the Merge.

Even though prices are down across the ecosystem, bear markets at least offer attractive opportunities to long-term investors. To capitalize on this opportunity, Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six is aiming to raise $177.6 million for a crypto investment fund. On similar lines, former executives from Galaxy Digital and Genesis are looking to raise a $500 million fund.

Although the near term looks uncertain, long-term investors may be looking for bottom fishing opportunities. Could Bitcoin and major altcoins stay above their immediate support levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

Ethereum's native token, Ether (ETH), looks ready to grow stronger compared to the U.S. dollar and Bitcoin (BTC) in the days leading up to its proof-of-stake transition in September.

ETH price chart bullish setup

The bullish outlook emerges from classic technical indicators on ETH/USD and ETH/BTC charts. For instance, ETH/USD has been forming a "falling wedge" pattern with a profit target sitting around 30% above the current prices. 

Meanwhile, the ETH/BTC chart is painting a potential "bull flag" that could increase the price by approximately 10% from current price levels upon resolution.

Here's how these bullish setups could play out.

Ethereum to $2K next?

Falling wedges form when the price trends lower inside a descending, contracting channel.

Bitcoin (BTC) fluctuated around the key $20,000 mark into Aug. 31 as the outlook on United States inflation darkened.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again dipping below the last halving cycle’s top overnight, only to regain lost ground to circle $20,300 on the day.

The rangebound moves accompanied modest recoveries for U.S. stocks, with the S&P 500 and Nasdaq Composite Index up 0.15% and 0.6% within the first hour’s trading, respectively.

Concerns over the Federal Reserve’s plans on tackling inflation after last week’s gloomy speech by Chair Jerome Powell nonetheless lingered.

Despite Powell’s earlier rhetoric, Diane Swonk, chief economist at KPMG, told mainstream media that the entire concept of a “soft landing” for the U.S. economy was now shelved.