Ethereum

Bitcoin

Resistance

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum’s [ETH] recent downtrend could be halted by insights from data of holders in/out of the money.</li>
 <li>Two network metrics indicate increased selling pressure behind ETH in recent weeks.</li>
</ul>
<p>Ethereum [ETH] bulls faced a challenge after failing to maintain the $3.6k demand zone earlier this month.</p>
<p>This area, which had served as resistance in March and the first half of April, was breached and became a support zone in late May.</p>
<h2 id="ethereum-etf-hype-and-bitcoin-pressure">Ethereum ETF Hype and Bitcoin Pressure</h2>
<p>There was a growing hype around the Ethereum ETF for July. However, with <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin [BTC]</a> likely to face selling pressure from miners and Mt. Gox, along with a general lack of demand, ETH bulls might face a tough battle.</p>
<p>A price drop toward the next support zone is expected, but it’s unclear where the correction will likely halt.</p>
<h2 id="major-support-and-resistance-zones">Major Support and Resistance Zones</h2>
<p>AMBCrypto noted that the in/out of money data from IntoTheBlock showed a significant amount of ETH was purchased in the $2970-$3171 zone, equating to 2.28 million Ethereum.</p>
<p>As the price nears this level, the number of holders at the money would rise, making this region difficult to break down.</p>
<p>Likewise, any price bounce would struggle to surpass $3.5k, as many of the holders would be near breakeven at that price and may want to sell due to fearful conditions.</p>
<p>Therefore, the $3.1k and $3.5k levels are crucial in the coming weeks.</p>
<h2 id="active-address-count-and-network-health">Active Address Count and Network Health</h2>
<p>The daily active addresses have increased in June, despite falling prices. This increase is a positive sign for network usage. However, other metrics indicate a bearish bias.</p>
<p>The mean coin age has significantly decreased over the past month, indicating token movement across the network and distribution.</p>
<p>The MVRV ratio also dropped below zero, highlighting holders at a loss. These factors strongly suggest further bearishness. For a hint at price recovery, the MCA needs to start trending higher.</p>

Ethereum Bulls Face Steep Uphill Battle: The Vital Levels to Watch Out For

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