Ethereum (ETH) Price Awaits Spot ETF Approval, Can Bulls Push ETH Price to $3100?

The second largest cryptocurrency Ethereum (ETH) remained flat at around the $3100 mark amidst the delay in the spot ETF approval, undermining the buying pressure.

Ethereum Price Analysis: ETH Bulls Aiming For $3100 Amidst ETF Delay, Key Levels To Watch

The second largest cryptocurrency Ethereum (ETH) remained flat at around the $3100 mark. This, as the delay in the approval for a spot-exchange traded fund (ETF) continued to put a dent in the buying pressure.

ETH displayed a weak buying momentum, signaling short term consolidation.

Key Takeaways

ETH failed to cross the 200 day EMA, displaying a lack in buyers’ strength.

Despite its peers’ double-digit recovery, ETH showed a soft recovery.

After recent adjustments in application filings, ETH ETF could launch around July 15.

ETH was still trading lower than last month, displaying selling pressure.

Ethereum Price Analysis: The Road Ahead

This week, ETH retested the four-month low at $2800, gaining over 8%. This, as buyers pinned their hopes on the approval of a spot ETF. At press time, Ethereum Price was trading at $3090 with an intraday surge of 1.26%. This, as the coin displayed a minute recovery on the chart. It has a monthly return ratio of -16.30% and 60.20% yearly, highlighting short term consolidation.

Its trading volume spiked over 8.27% while the market cap was noted at $376.82 Billion. Analysts remained neutral and suggested that ETH may consolidate around the $3100 mark over the next few sessions. Technicals highlighted mixed cues and signaled indecisiveness. Once ETH surpasses the $3250 mark, it could lead to a short covering move toward the $3300 mark followed by the $3380 mark. Conversely, if it fails to strike above the 200 day EMA mark, it could resume the consolidation phase and may hold on to the $3000 mark this week.

Meanwhile, the RSI curve reading was noted at 38 and remained below the midline region, suggesting that a recovery is imminent.

Social Dominance and Development Activity Data Overview

On the social front, the dominance curve revealed a minute spike and soared over 6%, displaying rising investor interest on the media platforms. The development activity remained flat at around 280, reflecting a stable move which impacted ETH.

Network Growth and Funding Data Outlook

The positive funding rate value conveyed that the positional long traders are paying too short to keep their position, which resembles a bullish sentiment. While the network growth curve revealed a steep decline, indicating that new addresses have lost interest in the coin. The active addresses data displays a decline over the past few sessions, demonstrating a decline in usage.

Milkybull crypto in his recent tweet highlighted that ETH decisively retested the trendline zone and could sprint ahead.

Ethereum (ETH) Liquidity Chart Analysis

As of now, the long liquidations were at $4.17 Million, while the short liquidations were at $11.33 Million, highlighting volatility. Neither bulls nor the bears are gaining a clear upper hand. The immediate support levels for ETH are $3000 and $2890, whereas the key upside hurdle is around $3120, followed by $3320

Ethereum was trading around its trap zone and awaited a clear direction. Once it breaks the upside of $3300 or the downside of $2800 mark, it could sprint.

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