Ethereum

2024

Billion

<ul class="list-ic vertical">
 <li>1 <a>Ethereum Price recovered nearly 6% from yesterday’s lows and has reclaimed the $3000 level.&nbsp;</a></li>
 <li>2 <a>The transaction volume dropped by 44.7% indicating the waning seller’s interest.</a></li>
</ul>
The bloodbath in the crypto markets seemed to be taking a pause as the weekend approached. After a sharp fall in the last couple of sessions that triggered a panic among investors, Ethereum price finally seems to be recovering.&nbsp;
Ethereum price climbed nearly 6% from yesterday’s low and has reclaimed back the psychological $3000 level. Few analysts are hoping for the bad days to end as soon as the SEC approves spot Ethereum ETFs.
<h2 class="wp-block-heading" id="strong-can-ethereum-etfs-approval-turn-the-tables-again-strong">Can Ethereum ETFs Approval Turn The Tables Again?</h2>
Ethereum ETFs could bring back the optimism in the crypto markets and aid market recovery. The Ethereum ETF approval was a dual-stage process in which&nbsp; the initial phase was completed with the approval of the 19b-4 documents by the issuers.&nbsp;
On May 23, the SEC gave the green light to 19b-4 submissions from eight contenders for ETFs. Moreover, the approval of S-1 forms by the was a later or final process which was anticipated to be completed by 2nd July.&nbsp;
<center>
 <blockquote class="twitter-tweet">
 Fwiw, Bloomberg's <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a> saying week of July 8th looks more likely for spot eth ETF approval… Another source said "it’s also a possibility that it could be later in July or later in the summer." My take? It shouldn't take this long. via <a href="https://twitter.com/KathieOD_PI?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@KathieOD_PI</a> <a href="https://t.co/M9LVhfa9vd" rel="noopener noreferrer nofollow">pic.twitter.com/M9LVhfa9vd</a>— Nate Geraci (@NateGeraci) <a href="https://twitter.com/NateGeraci/status/1806808541447024935?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 28, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
However, in a recent communications on 29th June, the U.S. The Securities and Exchange Commission returned the S-1 documents proposing some changes and asked the issuers to resubmit by 8th July.&nbsp;&nbsp;&nbsp;
Now, if the Ethereum ETFs are approved by 8th July by US SEC (Securities and Exchange Commission) it might bring a new era in the process of crypto adoption. As expected, these changes won’t only affect Ethereum, but aid the entire crypto market’s recovery.&nbsp;
<h3 class="wp-block-heading" id="strong-can-ethereum-continue-to-recover-or-slump-again-strong">Can Ethereum Continue To Recover Or Slump Again?</h3>
The panic selling seemed to be taking a pause today after the markets took a rebound from the previous day’s low. Despite Ethereum having reclaimed back the psychological $3000 mark, the price still hovers below the 200 day exponential moving average indicating a possible comeback by the bears.&nbsp; 
<a href="https://in.tradingview.com/chart/ETHUSD/T5Ld8wp4-Ethereum-Rebounds-But-Investors-Fear-Larger-Crash-On-The-Horizon/" rel="noopener noreferrer nofollow"> </a>&nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"> </a> &nbsp; <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"> </a> 
Now, if the bulls make a comeback above the 200 day EMA it may indicate a bullish continuation and the price may head for a recovery. The transaction volume has dropped by 44% to $16.2 Billion a day indicating the waning interest of the sellers.&nbsp;
Moreover, until the Ethereum price hovers below the 200 day EMA, it may be at a risk of another selloff. on the lower side, the $2850 level may act as a strong support which if breaks may unlock price failure towards the $2500 levels.&nbsp;
<h3 class="wp-block-heading" id="strong-what-s-next-for-ethereum-strong">What’s Next For Ethereum?</h3>
The cryptocurrency market seemed to be stabilizing after a sharp decline in the last couple of sessions, with Ethereum reclaiming back the&nbsp; $3000. As per a few analysts, the pending approval of <a href="https://www.thecoinrepublic.com/2024/07/03/ethereum-etfs-aiming-for-a-mid-july-launch-can-eth-rally-to-4000/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ETFs </a>by the SEC could restore market optimism. If approved, it could mark a significant step in crypto adoption.
Furthermore, Ethereum price has recovered from the lows however it still hovers below the 200-day EMA. A positive crossover of price above the 200 day EMA could signal a bullish trend.&nbsp;
Transaction volumes have decreased, suggesting reduced selling pressure. However, At the current levels ETH crypto faces risk of further sell-offs until it stays below the 200-day EMA, with $2850 as critical support.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Ethereum Price Bounces Back, Can $3500 be the Next Stop For ETH

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 6, 2024

Shiba Inu Investors Turn Optimistic as 42% SHIB Supply Faces Losses

Shytoshi Kusama Appears at IVS 2024, Discusses Shiba Inu’s Future and Web3 Potential

Crypto Power Plays: BlockDAG Dominates with $56.4M Presale, XRP and Toncoin in Hot Pursuit

Revealed: Early Oil King Pepe Memecoin Buyer Makes 6,200% Profit, Holds For Another 20,000% Rally

LayerZero’s ZRO Crypto Price Pumping: Here’s Why

Nigerian Central Bank Accuses Binance of Unauthorized Financial Activities

Join our free newsletter for daily crypto updates!