Ethereum

Long

Spot

<ul>
 <li>Ethereum trades at $3.1K, down by 7.77% over the last 24 hours.</li>
 <li>If an ETH revival befalls, the initial resistance can be found around the $3.3K level.</li>
</ul>
The crypto market was anticipating the spot Ether ETF launch to bring in a bull run for Ethereum; however, the bears took control over the bulls and pushed the price below $3.4K. Whereas, Bitcoin’s price jumped to new highs after three months of its Spot ETF launch. How long will it take Ethereum to see a similar rally?
The long-awaited Spot Ethereum ETF launch witnessed remarkable trading on Tuesday. Spot ETH ETFs <a href="https://thenewscrypto.com/spot-eth-etfs-kick-off-to-a-106m-inflow-on-first-day-trading/" target="_blank" rel="noopener noreferrer nofollow">recorded</a> a total net inflow of $106.78 million within the first 24 hours of trading. The eight ETFs recorded net inflows, with the digital asset’s total value traded at $1.11 billion on July 23, according to SoSoValue <a href="https://sosovalue.xyz/assets/etf/us-eth-spot" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
Moreover, Santiment <a href="https://x.com/santimentfeed/status/1815845413699850552" target="_blank" rel="noopener noreferrer nofollow">data</a> reveals an increase in whale activity ahead of the spot ETH <a href="https://thenewscrypto.com/spot-ethereum-etfs-see-300m-trading-activity-in-first-few-hours/" target="_blank" rel="noopener noreferrer nofollow">ETF</a> in the U.S, impacting its launch. The amount of ETH transfers exceeded $100K in value, which is 64% higher than the amount of BTC transfers since July 17.&nbsp;
<h3 class="wp-block-heading" id="h-how-long-will-eth-take-to-bounce-back">How Long Will ETH Take to Bounce Back?</h3>
ETH’s price was down by 6.45% over the past month, and it continued to drop over the past week by 7.61%. The asset’s highest and lowest price recorded in the past 24 hours are $3,473 and $3,157, respectively. Currently, ETH trades at $3,176, with the market cap staying at $381 billion. Meanwhile, the daily trading volume has declined by 8.64%, to $21.29 billion, as per CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
The short-term 9-day (9MA) and 21-day (21MA) moving averages of Ethereum are at $3,424 and $3,266. Both MA’s are displayed above the current price action, suggesting bearish momentum. Meanwhile, the daily relative strength index (RSI) of ETH is found at 41.17, seemingly approaching the neutral zone.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcCeo11nSiInp5hL2hzyZ56TxAZDgzg9fWL8amwr0dmBIEiJJF1uQ4Klmt_kpuLCeEpaA6AE7OvUchX_o_eW0FbrGvxEPJXDt8lX54b1x6FXqImkk7jrG4vLzSPIb0zvE6RoS4sutYZzbO3HHmjaAh_4Q8o?key=Fdk8_b9jJvW5f6fHJveI2g" alt="">
 <figcaption class="wp-element-caption">ETH Price Chart (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
If an ETH revival befalls, the initial resistance can be found around the $3.3K level. An upside break above the first resistance might send the price higher toward the $3,586 resistance zone. If ETH fails to clear the key resistance, it could continue to move down. The first major support on the downside might be in the $2.8K range. A steady downfall might push the price toward $2,606.
Highlighted Crypto News
<a href="https://thenewscrypto.com/grayscale-moves-486m-eth-amid-ethereum-etf-setback/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Moves $486M ETH Amid Ethereum ETF Setback</a>

Will Spot ETH ETF Continue to Pull Back Ethereum Price?

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