Ethereum

Bitcoin

Million

Parallel

Spot

Ethereum, mirroring the performance of Bitcoin and other top altcoins, is back above $3,000, days after the fall below $2,800. As the second most valuable coin recovers, injecting optimism among crashed token holders and traders, a close above $3,200 will be crucial in catalyzing demand. 
<h2 id="ethereum-rising-will-bulls-push-above-3-200">Ethereum Rising: Will Bulls Push Above $3,200?</h2> 
According to IntoTheBlock on July 10, if Ethereum <a class="editor-rtfLink" href="https://x.com/intotheblock/status/1810999154761470244" target="_blank" rel="noopener nofollow">edges above</a> the $3,200 level, it will be a massive development for traders. When this happens, an estimated two million entities who traded ETH at this price point will be in the money. 
<img loading="lazy" decoding="async" class="size-full wp-image-629010" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176" alt="Roughly 2 million traders will be in green if ETH breaks $3,200 | Source: @intotheblock via X" width="1024" height="176" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=1717 1717w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSH2AVeXIAAd2kI.jpg?resize=1024%2C176?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Therefore, if prices retest this level, those who went long can exit at break even. Alternatively, other “diamond hands,” expecting more gains on the horizon, can double down and ride the expected leg up. 
Thus far, there are hints of strength. However, though sellers are still in control, a breach of $3,300 will be crucial in the short to medium term. The $3,300 level, looking at the ETHUSDT candlestick arrangement in the daily chart, is previous support, but it is now resistance. <a href="https://www.tradingview.com/x/t2C7KHL2/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/t2C7KHL2/" alt="Ethereum price moving sideways on the daily chart | Source: ETHUSDT on Binance, TradingView" width="1233" height="592"></a> 
A breakout, ideally with rising volume, will likely serve as a base for more gains, lifting the coin towards a key liquidation level at $3,700 and later $3,900. 
Conversely, if sellers take over, reversing recent gains and aligning with the July 4 and 5 losses, a drop below $2,800 will signal trend continuation. Looking at candlestick arrangements, Ethereum will dump to new multi-week lows in that event, even dropping to $2,500. 
<h2 id="eyes-on-spot-etfs-whales-accumulating-as-eth-becomes-scarce">Eyes On Spot ETFs, Whales Accumulating As ETH Becomes Scarce</h2> 
Overall, analysts are optimistic, expecting Ethereum to float higher. The anticipated launch of spot Ethereum exchange-traded funds (<a href="https://www.newsbtc.com/news/ethereum/experts-bullish-on-ethereum-etfs-launching-july-4-predicting-potential-surge-beyond-7000/" target="_blank" rel="noopener ">ETFs</a>) in the coming days is a big catalyst behind this bullish outlook. 
Like how to spot Bitcoin ETFs opened the floodgates for institutional exposure in the world’s most valuable coin, the same inflow will likely be seen in ETH. With institutional demand, supports think ETH will tear higher, breaching $4,100 and registering new 2024 highs in the coming months. 
Interestingly, even the spot Ethereum ETF launch expectations do not seem to change traders’ outlook. On-chain data reveals that bullish sentiment is at a <a class="editor-rtfLink" href="https://x.com/QuintenFrancois/status/1810617178107838482" target="_blank" rel="noopener nofollow">one-year low</a>, pointing to caution among ETH holders. 
<img loading="lazy" decoding="async" class="size-full wp-image-629015" src="https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677" alt="ETH traders are bearish | Source: @QuintenFrancois via X" width="1024" height="677" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=1576 1576w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/GSCauanXsAA1olW.jpg?resize=1024%2C677?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Meanwhile, as on-chain data<a class="editor-rtfLink" href="https://x.com/ms2capital/status/1810786488260661393" target="_blank" rel="noopener nofollow"> illustrates</a>, ETH outflows from exchanges have increased recently. All exchanges, including Binance and Coinbase, control 10.17% of ETH in circulation. Parallel data also <a class="editor-rtfLink" href="https://x.com/LeonWaidmann/status/1810943563641016835" target="_blank" rel="noopener nofollow">shows</a> that another chunk, representing 28% of all ETH in circulation, is staked.

Ethereum Rising, 2 Million Addresses Will Be In Money If $3,200 Is Broken

Daftar Isi

NewsBTC

Artikel lain yang dipublikasikan pada 10 Jul 2024

MetaMask Unveils Delegation Toolkit at EthCC to Simplify Crypto Adoption

Terra Luna Classic’s Tax2Gas Implementation to Launch in July Amid Price Speculations

Spot Bitcoin ETFs See Strong Net Inflows in the US

Whale Influences DeFi Market

More high-profile token unlocks are happening this July

Here’s Why Billion Dollar Jackpot Could Be the Next Top Crypto

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!