Ethereum

Spot

The Ethereum price analysis showcased a fresh relief rally in the second week of July. The bullish reversal uplifted the asset from monthly support of $2825 to $3196 registering a weekly gain of 13.2%. This recovery followed a market excitement towards the potential approval of spot ETH ETFs in the coming week and eased from broader market supply. Is the correction trend over?
Also Read: <a href="https://coingape.com/bitcoin-altcoins-in-focus-market-eyes-ether-etf-fed-chair-comment-other-events/" rel="noopener noreferrer nofollow">Bitcoin &amp; Altcoins In Focus As Market Eyes Ether ETF, Fed Chair Comment, &amp; Other Events</a>
<h2 id="span-style-font-weight-400-ethereum-price-analysis-will-spot-eth-etf-approval-propel-eth-to-4000-span">Ethereum Price Analysis: Will Spot ETH ETF Approval Propel ETH to $4000?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/6/6zMGDaRf.png" alt="BITSTAMP:ETHUSD Chart " width="1946" height="893">
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 Ethereum Price Analysis| Tradingview
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The mid-term trend from the <a href="https://coingape.com/markets/key-reasons-to-invest-in-ethereum-and-solana-now/" rel="noopener noreferrer nofollow">Ethereum</a> price analysis shows a sideways action in the daily chart. The formation of a new lower high at $3974 and recently the same swing low at $2815 projects ETH price entering a consolidation trend to recuperate exhausted bullish momentum.
A recent reversal from the $2815 support has uplifted the asset to $3191 within a week while the market cap jumped to $383.5 Billion. However, the declining volume accompanying the upswing suggests a diminishing interest among market participants to initiate long positions.
This lack of conviction from buyers suggests an unsustainable recovery and a potential for further correction in <a href="https://coingape.com/eth-gas-fee-flashes-inactivity-concerns-before-ethereum-etf-approval/" rel="noopener noreferrer nofollow">ETH</a>. If the coin price reverts from the overhead trendline (downsloping blue line), the sellers could rechallenge the $2815 floor to extend the current correction.
The potential breakdown could accelerate the supply pressure and push the asset to $2400.
<blockquote>
 However, the potential approval of spot ETH ETF could counter the bearish thesis to change market sentiment.
</blockquote>
Also Read: <a href="https://coingape.com/markets/ethereum-price-to-hit-as-eth-etf-speculation-ignites-bullish-comeback/" rel="noopener noreferrer nofollow">Ethereum Price To Hit $5,000 As ETH ETF Speculation Ignites Bullish Comeback</a>
Nate Geraci, President of the ETF Store, recently tweeted that the SEC’s approach to the spot Ethereum ETF S-1 filings closely mirrors their handling of the 19b-4 filings, marked by significant discretion. Geraci remains optimistic about the approval, anticipated next week, emphasizing that there is no justifiable reason for any delay.
<blockquote class="twitter-tweet">
 It appears the SEC is playing the spot eth ETF S-1s similar to the 19b-4s…
 *Extremely* tight-lipped.
 Still think approval next week. Absolutely no reason for delay.
 — Nate Geraci (@NateGeraci) <a rel="noopener noreferrer nofollow" href="https://twitter.com/NateGeraci/status/1811892212063519004?ref_src=twsrc%5Etfw">July 12, 2024</a>
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Thus, the potential approval could intensify the buying momentum and propel the <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/" rel="noopener noreferrer nofollow">ETH price prediction</a> target above the $4000 mark.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li aria-level="1">EMAs: The 20-day and 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">Exponential Moving Averages</a> (EMAs) serve as dynamic resistance levels during a bullish upswing, signaling a strong downward momentum in progress.</li>
 <li aria-level="1">RSI: The Relative Strength Index (RSI) reverted to 45% indicating a neutral sentiment among market participants.</li>
</ul>
The post <a href="https://coingape.com/markets/ethereum-price-analysis-declining-volume-3000-breakout/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Declining Volume Sparks Doubts on $3000 Breakout</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Analysis: Declining Volume Sparks Doubts on $3000 Breakout

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