Ethereum

Spot

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11.png" class="attachment-full size-full wp-post-image" alt="Ethereum Price Forecast" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11.png 1280w, https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11-300x169.png 300w, https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11-1224x689.png 1224w, https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11-768x432.png 768w, https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11-678x381.png 678w, https://coingape.com/wp-content/uploads/2024/06/image1_11zon-11-150x84.png 150w" sizes="(max-width: 1280px) 100vw, 1280px">
Since last weekend, the cryptocurrency market has showcased a sluggish trend with most of the major assets wavering sideways. However, the second-largest crypto by market cap <a href="https://coingape.com/sponsored/unveiling-the-concern-ethereum-inflation-keeps-rising/">Ethereum</a> has maintained a better position amid the development in <a href="https://coingape.com/whale-withdraws-16449-eth-ahead-of-ethereum-etf-approval/">Spot ETH ETFs</a>. After the recent market correction, the Ether price has established firm support at $2815, providing buyers with an opportunity for a counter-attack. But will the current market dynamic support this rally? 
Also Read: <a href="https://coingape.com/markets/ethereum-price-analysis-warns-2500-pattern-emerges/">Ethereum Price Analysis Warns $2500 Breakdown As Bearish Pattern Emerges</a> 
<h2 id="span-style-font-weight-400-ethereum-price-forecast-can-etf-speculation-drive-prices-higher-span">Ethereum Price Forecast: Can ETF Speculation Drive Prices Higher?</h2> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/n/NeP4Ufs2.png" alt="BITSTAMP:ETHUSD Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Ethereum Price Forecast| Tradingview
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</figure> 
The <a href="https://coingape.com/price/ethereum/">Ethereum price</a> has been under an active correction trend since May end. From the peak of $3974, the altcoin tumbled 29.27% before finding suitable support at $2815. The horizontal level coincides closely with the 23.6% Fibonacci retracement and 50W EMA creates a strong accumulation area for investors. 
A bullish upswing this week has uplifted the asset 10.3% to trade at $3116, while the market cap jumped to $373.9 Billion. This recovery likely followed the recent update to the S-1 registration statement by ETF issuers of Ethereum, along with market speculation that this instrument will start trading by mid-July. 
<blockquote>
 However, until final approval is secured, Ethereum may struggle to gain sufficient recovery momentum.
</blockquote> 
Also Read: <a href="https://coingape.com/crypto-prices-today-july-10-bitcoin-rises-to-58k-amid-etf-inflows-eth-holds-above-3k/">Crypto Prices Today July 10: BTC Touches $59K Amid ETF Inflows, ETH Holds Above $3K</a> 
Moreover, the Ether coin 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.&nbsp; 
<figure id="attachment_206877" aria-describedby="caption-attachment-206877" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-206877" src="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-10_21-00-49.png" alt="ETH Futures Open Interest " width="1536" height="426" srcset="https://coingape.com/wp-content/uploads/2024/07/image_2024-07-10_21-00-49.png 1536w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-10_21-00-49-300x83.png 300w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-10_21-00-49-1224x339.png 1224w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-10_21-00-49-768x213.png 768w, https://coingape.com/wp-content/uploads/2024/07/image_2024-07-10_21-00-49-150x42.png 150w" sizes="(max-width: 1536px) 100vw, 1536px">
 <figcaption id="caption-attachment-206877" class="wp-caption-text">
 ETH Futures Open Interest| Coinglass
 </figcaption>
</figure> 
This substantial reduction in OI suggests a decline in traders’ commitment or market liquidity for ETH, potentially indicating decreased confidence or interest from investors. 
If the market supply pressure persists, the <a href="https://coingape.com/crypto-prices-today-july-10-bitcoin-rises-to-58k-amid-etf-inflows-eth-holds-above-3k/">ETH price</a> could rechallenge the $2815 support. The horizontal level, which also serves as the neckline of a double top pattern, could intensify selling pressure and potentially lead to a drop toward $2000. 
On a contrary note, if the ETF excitement pushes the Ethereum price above $3325 resistance, the sellers will start losing grip over this asset. A potential breakout from the downsloping resistance trendline will signal major market change and bolster crypto buyers to chase $4000. 
<h3 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h3> 
<ul> 
 <li aria-level="1">EMAs: The 50D and 100D <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">Exponential Moving Average</a> wavering around $3325 increases the resistance power for this level</li> 
</ul> 
<ul> 
 <li aria-level="1">ADX: The Average Directional Index slope rising to 37% indicates that the downward momentum remains strong, showing no signs of weakening.</li> 
</ul> 
The post <a href="https://coingape.com/markets/ethereum-price-forecast-dwindling-open-interest-sluggish-to-4000/">Ethereum Price Forecast: Dwindling Open Interest Hints Sluggish Climb To $4,000</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Forecast: Dwindling Open Interest Hints Sluggish Climb To $4,000

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