The Ethereum price has slumped 3% today, with the ETH/USD trading at $3,312, raising concerns about potential further selling. Despite a sharp decline, its 24-hour trading volume has skyrocketed 31% to $13 billion, suggesting intense market activity.
This comes as Nate Geraci, the president of ETF stores, hints that the ETH ETFs will go live by mid-July. Geraci has mentioned that after the revised S-1 submissions, the SEC’s final approval could come by July 12.
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Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Moreover, according to K33 Research, Ethereum will most likely outperform Bitcoin after the ETF launch.
Governments are selling into the summer, while open interest in ETH is surging towards record levels with the ETF launch drawing near.https://t.co/PdJIFeikbT
— K33 Research (@K33Research) July 2, 2024
The price of Ethereum could be bolstered by inflows into upcoming U.S spot ETFs, while Bitcoin faces headwinds from Mt. Gox creditor repayments.
Ethereum Statistical Data
Based on Coinmarketcap data:
- ETH price now – $3,312
- ETH market cap – $397 billion
- ETH total supply – 120 million
- ETH circulating supply – 120 million
- ETH ranking – #2
At the end of June, the ETH bulls showed some resilience as they pushed the Ethereum price to the $3,532 level. However, at the beginning of this month, the bears stepped in, driving the price downwards, as the bulls found support at around $3,283, preventing further losses. This has resulted in the formation of a double bottom pattern in the four-hour chart analysis.
This technical formation hints at a possible bullish reversal in the ETH price market. Moreover, the bulls are poised for recovery, as a green candlestick has closed at around $3,318 at the time of writing.
The Relative Strength Index(RSI) remains subdued below the 50-mean level. However, it is showing signs of recovery, as it has rebounded from the 30-oversold zone, currently at 35, hurtling towards the north. Increased buying pressure could push the RSI above the 50-mean level, suggesting a bullish outlook in the ETH market.
The Moving Average Convergence Divergence (MACD) is hovering in negative territory. The blue MACD line has crossed below the orange signal line, a negative signal suggesting intense selling pressure. Moreover, the histogram bars flash red, indicating growing bearish strength.
On the other hand, the ETH price is trading below the 50-day and 200-day SMAs, reinforcing the bearish outlook in the ETH market. The ETH bulls have found immediate resistance at $3,408 and $3,563 levels (50-day and 200-day), respectively. This outlook suggests that the sellers have the upper hand in the Ethereum price market.
Ethereum Price Prediction
Currently, the ETH price is trading on a bearish trend. However, the bulls seem ready for a recovery and could notably take advantage of the governing pattern. Additionally, the RSI has rebounded from the 30-oversold region, giving the Bulls some hope of flying the ETH price to the 70-overbought zone.
Moreover, if the bulls capitalize on the double-bottom technical pattern, they could trigger a bullish reversal rally, pushing the ETH price to higher levels. If the buyers attempt to flip the $3,408 resistance mark to support, they could grow hind wings, propelling the price to around the $3,879 mark, invalidating the bearish thesis.
Conversely, if the bears exert more pressure at this level, the token may drop, breaching the $3,246 support level. In such a scenario, the ETH price will sink, retesting the $3,200 mark.
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