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">
 <figcaption class="wp-caption-text">
 Ethereum Price Analysis| Tradingview
 </figcaption>
</figure>
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>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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

Table of Contents

Coingape News Media

Další články publikované 14. 7. 2024

XRP Price Prediction for July 14

Examining the odds of XRP hiking by 50% to re-test its March levels again

Shiba Inu (SHIB) Improves Correlation With Bitcoin to Catalyze Recovery

Shiba Inu (SHIB) Rockets Ahead of AVAX With 10% Price Jump

Crypto Leaders Rally Behind Trump After Failed Assassination Attempt, Fear High Fuels Bullish Cry...

MOG Coin Surges After Shocking Trump Assassination Attempt

Join our free newsletter for daily crypto updates!