Ethereum

2024

Bitcoin

Weekends are characterized by a drop in market activity until the following Monday. The lower trading volume and reduced liquidity over the weekend caused crypto assets to stabilize after a recent sell-off. The Bitcoin price found temporary support around $55,000, easing the sell pressure on altcoins. Ethereum price also showed renewed demand around $2900. However, with several analysts anticipating the <a href="https://coingape.com/grayscale-reveals-spot-ethereum-etf-listing-can-attract-25-us-voters-to-eth-investing/">Ethereum ETF</a> launch around mid-July, there is potential for a major reversal in ETH’s price. 
Also Read: <a href="https://coingape.com/justin-sun-may-lost-66m-ethereum-records-10-fall-heres-why/">Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why</a> 
<h2 id="span-style-font-weight-400-ethereum-price-analysis-hints-3800-rally-amid-healthy-pullback-and-potential-etf-approval-span">Ethereum Price Analysis Hints $3800 Rally Amid Healthy Pullback and Potential ETF Approval</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/v/v9MbJsyy.png" alt="BITSTAMP:ETHUSD Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Ethereum Price Analysis| Tradingview
 </figcaption>
</figure> 
The current correction in <a href="https://coingape.com/price/ethereum/">Ethereum price</a> was initiated in late May as the price reverted from $3974. This fresh lower-high formation of the daily chart indicates the buyers lack sufficient momentum to chase new highs, thus shifting the price trajectory sideways. 
The bearish turnaround tumbled the <a href="https://coingape.com/trending/whats-next-for-ethereum-eth-as-price-hovers-3000/">Ether</a> value by nearly 30% to seek support at the confluence of $1815 and 23.6% Fibonacci retracement level. Along with broader market correction, the U.S. SEC’s delay in approving ETH ETF issuers’ S-1 drafts has contributed to bearish sentiment. 
On Thursday, Bitwise filed an amended S-1 for its spot Ethereum ETF ahead of the July 8th deadline. Bloomberg’s ETF analyst <a rel="nofollow" href="https://x.com/EricBalchunas/status/1808578135971053933">Eric Balchunas</a> highlighted that the SEC’s recent comments required minimal updates, indicating a quick turnaround for Bitwise.&nbsp; 
<blockquote>
 However, the filing has no fee details yet, which are expected to be revealed next week. Bitwise’s proactive filing suggests they are expediting the approval process for their Ethereum ETF.
</blockquote> 
Also Read: <a href="https://coingape.com/markets/altcoins-to-stake-without-hesitation-as-bitcoin-goes-burst/">Altcoins To Stake Without Hesitation As Bitcoin Goes Burst</a> 
Moreover, the President of the ETF Store Nate Geraci, has expressed confidence that spot Ethereum ETFs will start trading within the next two weeks, mostly around the week of July 15th. Geraci also notes that the ETH price has dropped by over 20% since the unexpected 19b-4 approvals in late May. 
<blockquote class="twitter-tweet"> 
 Will be *shocked* if spot eth ETFs not trading w/in next 2 weeks… 
 Later next week a possibility, but think week of July 15th more likely. 
 Interestingly, price of eth ↓ 20%+ since “surprise” 19b-4 approvals in late May. 
 — Nate Geraci (@NateGeraci) <a rel="nofollow" href="https://twitter.com/NateGeraci/status/1809718453529637194?ref_src=twsrc%5Etfw">July 6, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
If approved, the <a href="https://coingape.com/markets/ethereum-price-forecast-2500-eth-looms-as-crypto-crash-escalates/">ETH</a> price could defy a sluggish market trend/mild selling pressure and rebound 36% to challenge the downsloping trendline around $3800. A bullish breakout from the resistance is crucial to signal renewed recovery in the Ethereum coin. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li aria-level="1">EMAs: The 200D EMA at $3080 and 100D Exponential Moving Average at $3330 highlight the immediate resistance against buyers.</li> 
 <li style="font-weight: 400;" aria-level="1">RSI: The <a href="https://coingape.com/glossary/rsi-relative-strength-index/">Relative Strength Index</a> (RSI) dived to the oversold region below 30%, which could attract dip investors in the market.</li> 
</ul> 
The post <a href="https://coingape.com/markets/ethereum-price-analysis-eth-outperform-btc-etf-launch-july/">Ethereum Price Analysis: Will ETH Bounce Back as ETF Launch Nears in July?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Analysis: Will ETH Bounce Back as ETF Launch Nears in July?

Table of Contents

Coingape News Media

Other articles published on Jul 7, 2024

Polygon and Polkadot Investors Shift to PawFury: Best 2024 Presale Predicted to Surge to $1

North Carolina Governor Vetoes Bill Blocking Federal CBDCs

The Distribution of $16 Billion in Cash by FTX Could Propel Bitcoin and Solana

PawFury (PAW) Leads as the Premier Meme Coin Presale of 2024 - Investors Prefer It Over Slothana ...

Bitcoin’s Price Movement Will Be Extremely Volatile: Analyst Predicts

MANTRA (OM) Bounces Off 100-Day EMA, Aims To Preserve $1 Mark

Join our free newsletter for daily crypto updates!