Ethereum

Bitcoin

<ul>
 <li>Ethereum’s price remains volatile, potential retracement to $2,882 if bearish.</li>
 <li>Large holders accumulated 112.9k ETH, surpassing ETF inflows.</li>
</ul>
The crypto market witnessed a significant milestone as spot Ethereum began trading on Tuesday, following weeks of back-and-forth on registration statement edits. According to Sosovalue data, spot ETH ETFs recorded inflows within the first 24 hours of trading. While the ETF greenlight was expected to spark a bull run, the bears took over, pushing the price below $3.38K.
Ethereum is down 1.98% in the past 24 hours, with the price trading at $3,455.30. Trading volume has increased by 2.8%. History repeats itself, as seen with Bitcoin [<a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>] ETFs, which demonstrated heavy demand for the cryptocurrency; the same is expected for ETH. Notably, BlackRock’s ETH ETF (ETHA) exhibited the highest inflows, recording $266.55 million in one-day net inflows as of July 23. The ETF holds total net assets worth $277.08 million, leading the ETH ETF sector.
In the past seven days, despite a drop in ETH prices yesterday, large holders accumulated 112.9k ETH. It valued at nearly $390 million. This accumulation notably surpasses the $106 million net inflows to the <a href="https://thenewscrypto.com/spot-eth-etfs-kick-off-to-a-106m-inflow-on-first-day-trading/" target="_blank" rel="noopener noreferrer nofollow">ETF</a>.
In the past 24 hours, Ethereum whales made significant moves: 6,016 ETH worth $20 million was transferred from an unknown wallet to a beacon depositor, 6,836 ETH worth $23 million was transferred from <a href="https://www.coinbase.com/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> Institutional to an unknown wallet, and 9,430 ETH <a href="https://thenewscrypto.com/will-ethereum-witness-price-breakouts-amid-etf-issuers-hodling/" target="_blank" rel="noopener noreferrer nofollow">worth</a> $32 million was transferred from an unknown wallet to Coinbase.
<h3 class="wp-block-heading" id="h-should-investors-be-aware-of-eth-bears">Should Investors Be Aware Of ETH Bears?</h3>
Ethereum’s recent price action reflects a slippery bullish trend, highlighted by recent highs breaching the $3,560 resistance level, with the potential to test $3,621 soon. However, the daily Relative Strength Index (RSI) at 55 indicates a neutral position.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcCvPHQigrosg0UdsCvwBPVqx4q2gSSacdq2moyHnfZUpzAJi0jDeZscJUYe0qDE2FpsclB5iHmdWBDn0inwyKgdn207fXtsPOVIjdv1Wggtq1LDSDkxB7-cjEpG1qyXaMb_-yq-gNR3iwOhRW-snONcKQ?key=OPhj30v9X-Ua8azfwGOaEQ" alt="">
</figure>
Should bears regain control, Ethereum could retrace to $3,346 initially, potentially falling further to $2,882 in a more pronounced decline.
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