Ethereum

Rally

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Notable

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<ul> 
 <li>Ethereum trading volume is up 9% in the past 24 hours.</li> 
 <li>The bullish trend is possible with resistance at $3,296.</li> 
</ul> 
Ethereum is slowly recovering from the extreme bearish sentiment experienced last week, where it fell 5% over seven days, hitting a five-month low of $2,810. Currently, Ethereum is trading at $3,091, with a modest 0.88% gain in the past 24 hours, although its trading volume is down 9% in the same period. 
Looking back, ethereum started the year strongly but began tapering off mid-March. Although ETH picked up momentum in mid-May amid anticipation of the approval of spot Ethereum ETFs in the United States, it has underperformed <a href="https://thenewscrypto.com/malaysia-plans-crackdown-on-bitcoin-miners-amidst-illegal-mining-surge/" target="_blank" rel="noreferrer noopener">Bitcoin</a>. Ethereum’s price has been in a correction trend since the end of May, tumbling from a peak of $3,500. 
Meanwhile, recent on-chain data indicates substantial activity among Ethereum whales. <a href="https://x.com/spotonchain" target="_blank" rel="noreferrer noopener">Spot On Chain</a>, an on-chain data provider, reported that an Ethereum whale withdrew 16,449 ETH, equivalent to $50.3 million, from the crypto exchange Binance. This move came as Ethereum price surged past $3,000, marking the first notable accumulation by a new whale address. The withdrawn ETH has since been transferred to a new wallet and remains there. 
Furthermore, Whale Alert noted another substantial transaction involving 9,966 ETH, equivalent to approximately $30.6 million, transferred from the <a href="https://thenewscrypto.com/kraken-co-founder-jesse-powell-donates-1m-in-crypto-to-trump-campaign/" target="_blank" rel="noreferrer noopener">Kraken</a> exchange to an unknown wallet. This activity aligns with a broader trend of whales resuming their accumulation of ETH following a period of distribution. The number of addresses holding over 10,000 ETH, which had declined since mid-April, began to rise again in early July. 
Moreover, Ethereum experienced a significant drop in Open Interest during the early July sell-off. According to data from Coinglass, Ethereum’s Open Interest fell from $14.98 billion to a low of $11.97 billion, marking a 20% decrease. 
<h3 class="wp-block-heading" id="h-can-ethereum-bulls-give-a-notable-comeback">Can Ethereum Bulls Give a Notable Comeback?</h3> 
The timing of these large-scale withdrawals and accumulations coincides with the market’s anticipation of the Ethereum ETF, expected to go live next week. This development is a potentially bullish signal for Ethereum, as it could attract further investment and drive up prices. 
The daily chart reveals that Ethereum is on a slippery bullish trend, with the 9-day EMA at $3,114. The daily <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noreferrer noopener">RSI</a> is at 41, indicating a nearing oversold situation. If Ethereum bulls continue their run, it might reach $3,296, with the next target at $3,521. However, if the bears take over, it might drop to $3,002, with lower support at $2,861.

Is an Ethereum (ETH) Bull Rally on the Horizon?

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TheNewsCrypto

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