Ethereum

bullish

when

Ethereum price performance has been underwhelming for quite some time. The year-to-date return for ETH is the worst when compared with top cryptocurrencies such as Bitcoin, Solana, and Ripple. ETH is up only 38% in the past seven months despite the landmark approval of spot ETFs. 
<figure id="attachment_209784" aria-describedby="caption-attachment-209784" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-209784 size-full" src="https://coingape.com/wp-content/uploads/2024/07/Untitled.jpg" alt="BTC, ETH, SOL, BNB, XRP Performance" width="2597" height="1395" srcset="https://coingape.com/wp-content/uploads/2024/07/Untitled.jpg 2597w, https://coingape.com/wp-content/uploads/2024/07/Untitled-300x161.jpg 300w, https://coingape.com/wp-content/uploads/2024/07/Untitled-1224x657.jpg 1224w, https://coingape.com/wp-content/uploads/2024/07/Untitled-768x413.jpg 768w, https://coingape.com/wp-content/uploads/2024/07/Untitled-1536x825.jpg 1536w, https://coingape.com/wp-content/uploads/2024/07/Untitled-2048x1100.jpg 2048w, https://coingape.com/wp-content/uploads/2024/07/Untitled-150x81.jpg 150w" sizes="(max-width: 2597px) 100vw, 2597px">
 <figcaption id="caption-attachment-209784" class="wp-caption-text">
 BTC, ETH, SOL, BNB, XRP Performance
 </figcaption>
</figure> 
<h2 id="strong-ethereum-price-remains-grounded-strong">Ethereum Price Remains Grounded</h2> 
<a href="https://coingape.com/price/ethereum/">Ethereum price</a> crashed 12% since the spot ETF approval on July 23 and formed a temporary low at $3,087. Since then, ETH has bounced 6% and currently trades under $3,300. Despite the spot ETF being a massively bullish development, Ether prices have failed to react. Why? 
But the three critical reasons for Ethereum’s lackluster performance are: 
<ol> 
 <li>Ethereum’s narrative is abstract; it is a world computer, which is a little hard to sell to the traditional finance bunch. But Bitcoin’s digital gold narrative resonates with older investors.</li> 
 <li>Additionally, the spot Ethereum ETF lacks one key component—staking. The staking service has still not been approved by the SEC or concerned regulators, which could be the second reason investors might not be immediately interested in ETH.</li> 
 <li>The third reason for ETH’s dampened performance is BTC, which has been in the spotlight for quite some time due to the upcoming keynote address from presidential candidate Donald Trump.</li> 
</ol> 
The Bitcoin conference could also clear up the ongoing rumors about a potential “National Strategic Bitcoin Reserve.” 
Read more: <a class="gs-title" dir="ltr" href="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/peter-schiff-blasts-rfk-jrs-bitcoin-buy-plan-as-vote-buying-strategy/&amp;sa=U&amp;ved=2ahUKEwi_6ND8kceHAxWQT2cHHYsLGWsQFnoECAEQAg&amp;usg=AOvVaw3o9RGAEXLvrQ07z4jrPn4g" target="_self" rel="noopener" data-cturl="https://www.google.com/url?client=internal-element-cse&amp;cx=e6c2264173c544ed8&amp;q=https://coingape.com/peter-schiff-blasts-rfk-jrs-bitcoin-buy-plan-as-vote-buying-strategy/&amp;sa=U&amp;ved=2ahUKEwi_6ND8kceHAxWQT2cHHYsLGWsQFnoECAEQAg&amp;usg=AOvVaw3o9RGAEXLvrQ07z4jrPn4g" data-ctorig="https://coingape.com/peter-schiff-blasts-rfk-jrs-bitcoin-buy-plan-as-vote-buying-strategy/">Peter Schiff Blasts RFK Jr’s Bitcoin Buy Plan As ‘Vote-Buying’ Tactic</a> 
<h2 id="strong-eth-price-could-trigger-massive-rally-soon-strong">ETH Price Could Trigger Massive Rally Soon</h2> 
As explained in <a href="https://coingape.com/markets/eth-mimics-btcs-post-etf-crash-hinting-at-rally/">Ethereum ETF</a> article, ETH is following in Bitcoin’s footsteps, which crashed 19% after the spot Bitcoin ETF approval on January 10 and rallied 90% in the next five months to set up an all-time high. If history repeats, Ethereum price could be preparing for a massive rally. 
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 <img decoding="async" class="size-full wp-image-209782" src="https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo.jpeg" alt="BTC/USDT vs. ETH/USDT 1-day chart" width="2048" height="987" srcset="https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo-300x145.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo-1224x590.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo-768x370.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo-1536x740.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/07/GTWOqqGWQAUPmeo-150x72.jpeg 150w" sizes="(max-width: 2048px) 100vw, 2048px">
 <figcaption id="caption-attachment-209782" class="wp-caption-text">
 BTC/USDT vs. ETH/USDT 1-day chart
 </figcaption>
</figure> 
The short-term outlook for Ethereum price looks bearish with a string of lower highs. One sign of relief is that ETH has not produced a lower low. 
A sweep of the equal lows at $2,539 is the ultimate buying opportunity, especially if ETH repeats Bitcoin’s post-ETF rally. In such a case, the upcoming rally could propel Ether to the $4,000 psychological level. If the bullish momentum remains beyond the aforementioned level, <a href="https://coingape.com/price-predictions/ethereum-eth-price-prediction/">Ethereum Price Forecast</a> suggests Ether could attempt to retest the current all-time high of $4,868. 
<figure id="attachment_209783" aria-describedby="caption-attachment-209783" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-209783" src="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM.png" alt="ETH/USDT 12-hour chart" width="2770" height="1482" srcset="https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM.png 2770w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM-1224x655.png 1224w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM-768x411.png 768w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM-1536x822.png 1536w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM-2048x1096.png 2048w, https://coingape.com/wp-content/uploads/2024/07/Screenshot-2024-07-27-at-4.49.24 PM-150x80.png 150w" sizes="(max-width: 2770px) 100vw, 2770px">
 <figcaption id="caption-attachment-209783" class="wp-caption-text">
 ETH/USDT 12-hour chart
 </figcaption>
</figure> 
On the other hand, if Ethereum breaks the weekly support level at $2,539, it would invalidate the bullish thesis by producing a lower low on the higher timeframe. In such a case, ETH could drop as low as $2,000. 
The post <a href="https://coingape.com/markets/ethereum-price-fails-to-rally-after-etf/">Why Ethereum Price Is Stalling Despite ETH ETF Approval</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Why Ethereum Price Is Stalling Despite ETH ETF Approval

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