Ethereum price remained steady at $3.5K, with bears pushing bulls back.
The daily trading volume decreased by 18.64% to $16 billion in a 24-hour period.
Ethereum bulls and bears are locked in a battle to break the $3K barrier and reach a high of $4K. Currently, the coin is trading at $3,535 with a 0.67% increase in the last 24 hours. Despite a 15.89% drop, the daily trading volume stood at $16 billion. Expectations are high for bullish corrections that could impact the altcoin’s price. While demand for Ethereum has risen, the price has struggled to surpass $3.7K over the past week.
In the midst of the increasing activity in the ETH market due to Ethereum ETFs, the US Securities and Exchange Commission (SEC) staff have commented on the S-1 filings for spot Ethereum ETFs, which were approved on July 2, 2024. Eric Balchunas has shown optimism for their launch. The SEC has granted issuers like Fidelity, VanEck, Franklin Templeton, and Invesco the opportunity to revise and resubmit their filings for further review. These decisions come after recent legal disputes, similar to those seen in the Grayscale Bitcoin ETF case.
Examining the Price Movement
ETH has experienced a 3.88% decrease over the past week, but has seen a 21.91% increase in the last month. The daily relative strength index (RSI) currently stands at 47.38, indicating a move towards the neutral zone.
Analyzing the 24-hour price chart, ETH’s initial resistance is seen around the $3,690 mark, with potential resistance at $3,755. In the event of a continued bullish trend, the next significant resistance level could be at $3,800, with a target of $4K. On the other hand, if bears dominate, Ethereum’s price may drop to $3,400 and potentially reach a support level at $3,305. A strong bearish trend could push the price down further to $3,200.
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