Ethereum

Spot

Daily

The <a href="https://www.thecoinrepublic.com/price-prediction/ethereum/">Ethereum</a> price reeled back on the gains and went below $3300. It revealed consolidation patterns at press time and encountered challenges approaching the $3200 mark.&nbsp; 
In yesterday’s session, the Ethereum price fell toward the $3000 support zone and eventually took support on the 200-day EMA mark. 
The Ethereum price moved downwards after it could not break through the $3500 high. It was experiencing selling pressure at press time and underperforming in the last few trading sessions. 
Despite rising 20% to $3570 before the anticipated Spot ETH ETF approval, buyers could not settle their upper hand and faced sharp turbulence. That resulted in a significant decline. 
ETH has been showing signs of weakness and is likely to post more declines before triggering a significant rally.&nbsp; 
<h2 class="wp-block-heading" id="h-ethereum-price-stagnates-in-a-range">Ethereum Price Stagnates in a Range</h2> 
The ongoing price action of Ethereum (ETH) signified noteworthy selling pressure and witnessed a consistent rejection for the past few sessions. Notably, the bulls did not manage to cross the significant moving averages cluster and remained below it. 
Meanwhile, the bears have grabbed the opportunity and made severe shorts, leading the ETH price to fall below the $3300 mark this week. 
Going forward, the ETH price reached its most crucial pivot support zone of $3050 near the 200-day EMA mark.&nbsp; <iframe loading="lazy" title="Santiment Chart: Price (ETH), Volume (ETH)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aleph-zero&amp;pt=AZERO&amp;df=2024-02-23T00%3A00%3A00.000Z&amp;dt=2024-08-01T18%3A29%3A59.271Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bethereum%3BETH%5D%3B%5B1%3Bvolume_usd%3Bethereum%3BETH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
Until the bulls secure the cluster, there will be no panic, but if breached, a significant bearish leg could be seen toward the $2600 mark in the short term. 
The RSI curve fell below the midline zone and conveyed a negative crossover, implying the underperformance on the chart. 
At press time, Ethereum was trading at $3178 with an intraday drop of $3.93%, revealing the selling pressure. Its market cap fell to $386.16 billion, and the total supply was $122.37 million. 
<h2 class="wp-block-heading" id="h-social-metrics-noted-a-downtick">Social Metrics Noted a Downtick</h2> 
Following the ongoing correction phase experienced in the Ethereum coin price, its social metrics revealed a decline in their attention. Besides, the dominance curve dropped over by 22% to 7.759%. <iframe loading="lazy" title="Santiment Chart: Social Dominance (ETH), Development Activity (ETH)" width="800" height="425" src="https://embed.santiment.net/chart?ps=aleph-zero&amp;pt=AZERO&amp;df=2024-02-23T00%3A00%3A00.000Z&amp;dt=2024-08-01T18%3A29%3A59.271Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bethereum%3BETH%5D%3B%5B1%3Bdev_activity%3Bethereum%3BETH%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
The development activity data also reflected the same and fell below the midline region, exhibiting a drop of over 12% this week. This significant drop implied reduced growth in the ecosystem. 
Hamid (@HaMidOwAiSi3) tweeted that ETH may experience a bullish swing, but patience needs to be maintained. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> The reward will be wholesome for those who are patient! <a href="https://t.co/2GHVfX78Yl">pic.twitter.com/2GHVfX78Yl</a>— Hamid (@HaMidOwAiSi3) <a href="https://twitter.com/HaMidOwAiSi3/status/1818691461782831415?ref_src=twsrc%5Etfw">July 31, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Data from IntoTheBlock showed that more than 72% of ETH addresses were making money at the current price levels. In contrast, around 25% of holders were experiencing unrealized losses and were willing to secure their gains. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="388" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-1024x388.png" alt="GIOM Indicator Data | Source: IntoTheBlock" class="wp-image-639831" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-1024x388.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-300x114.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-768x291.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-150x57.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-696x264.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16-1068x405.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-16.png 1198w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 GIOM Indicator Data | Source: IntoTheBlock
 </figcaption>
</figure> 
Notably, these significant profitable holders would continue to hold their position, preventing ETH from any major drops. 
<h2 class="wp-block-heading" id="h-daily-transaction-and-active-addresses-data-insights">Daily Transaction and Active Addresses Data Insights</h2> 
The Daily Transaction data of Ethereum rose to 1.15 Million, showcasing that demand is increasing. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="286" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-1024x286.png" alt="Daily Transaction Data &nbsp; Source: Artemis" class="wp-image-639826" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-1024x286.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-300x84.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-768x215.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-1536x429.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-150x42.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-696x194.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15-1068x298.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-15.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Daily Transaction Data | Source: Artemis
 </figcaption>
</figure> 
Notably, the daily active addresses, including senders and receivers, stayed flat at around $360k, which signifies the price consolidation of the asset. 
Interestingly, it was at a declining rate, meaning traders were not looking to expose their assets to the market. 
<h2 class="wp-block-heading" id="h-total-liquidity-data-favoured-the-mighty-bears">Total Liquidity Data Favoured The Mighty Bears</h2> 
When writing, the short liquidations were $2.11 Million, whereas the long liquidations were $14 Million.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="290" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-1024x290.png" alt="Total Liquidation Chart &nbsp; Source: Coinglass" class="wp-image-639821" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-1024x290.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-300x85.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-768x218.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-150x43.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-696x197.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14-1068x303.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-14.png 1387w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Total Liquidation Chart | Source: Coinglass
 </figcaption>
</figure> 
That implied traders were betting on short positions. The mighty bears gained their pace and tried to push ETH below the $3000 mark. 
If the Ethereum price fails to cross the $3200 mark, it may revisit the $3000 and $2850 support zones in the next few sessions. Conversely, the upside was capped at $3500 and $3700 in the short term. 
Notably, the Ethereum coin continued to form the lower low swings and traded inside a falling channel. Until the ETH price breaks and closes above the $3550 mark, it may continue to drop further gains ahead. 
The post <a href="https://www.thecoinrepublic.com/2024/08/01/can-ethereum-price-action-intensify-despite-muted-spot-etf-buzz/">Can Ethereum Price Action Intensify Despite Muted Spot ETF Buzz</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Can Ethereum Price Action Intensify Despite Muted Spot ETF Buzz

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