Ethereum

Based

FOMC

2024

June Month was notably bearish for the cryptocurrency market with many assets revisiting their monthly support. Amid the market sell-off, the <a href="https://coingape.com/21shares-files-form-8a-for-spot-ethereum-etf-after-vaneck/">Ethereum</a> price plunged from a high of $3887 to a low of $3232 registering a loss of 16.9%. However, the downfall lies within the healthy retracement of Fibonacci tools indicating a strong could allow ETH bulls to counterattack. 
Also Read: <a href="https://coingape.com/crypto-market-this-week-ethereum-etf-fomc-minutes-us-job-data-trade-deficit/">Crypto Market This Week: Ethereum ETF, FOMC Minutes, US Job Data &amp; Trade Deficit</a> 
<h2 id="span-style-font-weight-400-ethereum-price-eyes-stability-as-78-of-eth-is-held-by-long-term-holders-span">Ethereum Price Eyes Stability as 78% of ETH is Held by Long-Term Holders</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/l/LW7OxU6a.png" alt="BITSTAMP:ETHUSD Chart " width="1942" height="890">
 <figcaption class="wp-caption-text">
 Ethereum Price| Tradingview
 </figcaption>
</figure> 
The near-term trend in <a href="https://coingape.com/price/ethereum/">Ethereum price</a> is sideways evidenced by a new lower high formation at $3975 in late May. This reversal indicates the overhead supply is high from market sellers and ETH buyers would need time to recuperate its momentum. 
Connecting the overhead peaks with a trendline reveals a potential triangle formation as the altcoin has also received dynamic support from an ascending trendline since October 2023. 
<blockquote>
 The Ethereum price currently trades at $3389 and holds a market cap of $407.3 Billion. If the supply pressure persists, the coin price could plunge another 5% to seek support at the long-coming trendline.
</blockquote> 
The renewed buying pressure from the trendline could uplift the asset by 14-15% and challenge the triangle’s upper boundary at $3860. A bullish breakout from the triangle pattern will signal a better confirmation of uptrend continuation. 
Also Read: <a href="https://coingape.com/eth-btc-pair-eyes-major-breakout-with-ethereum-etf-on-horizon-whats-next/">ETH/BTC Pair Poised for Breakout as Ethereum ETF Launch Approaches: What’s Next?</a> 
In a recent tweet, the prominent crypto analytics firm IntoTheBlock revealed a striking statistic: 78% of Ether is currently held by long-term holders. Despite the volatility in Ethereum’s price, the proportion of ETH held by long-term investors has steadily increased, indicating a strong belief in the asset’s future value. 
<blockquote class="twitter-tweet"> 
 78% of ETH is owned by long-term hodlers <a rel="nofollow" href="https://t.co/9vb5kaUIar">pic.twitter.com/9vb5kaUIar</a> 
 — IntoTheBlock (@intotheblock) <a rel="nofollow" href="https://twitter.com/intotheblock/status/1806720286160552394?ref_src=twsrc%5Etfw">June 28, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Ethereum’s price performance in July has exhibited a mix of gains and declines over the past several years, reflecting the broader market’s volatility and investor sentiment. The biggest gain was +56.62% in 2022, while the largest drop was -27.29% in 2017. 
On average, July has a positive return of +6.95%, though the median return is -4.41%, indicating mixed performance. 
<figure id="attachment_205177" aria-describedby="caption-attachment-205177" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-205177 size-full" src="https://coingape.com/wp-content/uploads/2024/06/image_2024-06-30_16-56-09.png" alt="Ethereum Monthly returns(%)" width="898" height="683" srcset="https://coingape.com/wp-content/uploads/2024/06/image_2024-06-30_16-56-09.png 898w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-30_16-56-09-300x228.png 300w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-30_16-56-09-768x584.png 768w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-30_16-56-09-80x60.png 80w, https://coingape.com/wp-content/uploads/2024/06/image_2024-06-30_16-56-09-150x114.png 150w" sizes="(max-width: 898px) 100vw, 898px">
 <figcaption id="caption-attachment-205177" class="wp-caption-text">
 Ethereum Monthly returns(%)| Coinglass
 </figcaption>
</figure> 
However, with the ongoing development around U.S-listed <a href="https://coingape.com/us-sec-delays-spot-ethereum-etf-launch-sends-back-s-1-forms/">Ethereum ETFs</a>, anticipated to launch around mid-July, the odds strongly lean on buyers’ favor. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2> 
<ul> 
 <li aria-level="1">BB Indicator: An upswing in the lower boundary of the Bollinger Band indicator losing bearish momentum and additional support for buyers to rebound.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A negative crossover between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a> and signal line highlights the near-term trend is intact and bearish.</li> 
</ul> 
The post <a href="https://coingape.com/markets/what-to-expect-for-ethereum-price-in-july-on-historical-data/">What to Expect for Ethereum Price in July Based on Historical Trends</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

What to Expect for Ethereum Price in July Based on Historical Trends

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