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> 
<figure style="width: 100%" class="wp-caption alignnone">
 <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
 </figcaption>
</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

Daftar Isi

Coingape News Media

Artikel lain yang dipublikasikan pada 10 Jul 2024

New Pepe Derivative PeiPei Explodes In Price - Next Pepe Potential?

Hot Vs. Cold Wallets: Key Differences, And Why It’s Important To Own A Cold Wallet

Ripple CEO Brad Garlinghouse Joins Industry Leaders For Crypto Roundtable

Celestia (TIA) Price Sees 17% Increase, Upswing Poised to Continue

Delist Announcement from Bitcoin Exchange Binance! Three Altcoin Trading Pairs Delisted from Spot...

Softer CPI and Labor Data May Prompt Fed Rate Cuts in September and December!

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!