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.
This week, Ethereum Price failing to cross the 200 day EMA and continued to struggle below the $3100 mark, directing the lack of buyers’ strength.
Despite the double-digit recovery among its peers, ETH displayed a soft recovery, reflecting a decline in buyer accumulation.
Ethereum Price displayed a weak buying momentum and signaled short term consolidation until the spot ETF approval goes through. Recent media reports said that ETH ETF could launch around July 15, following the adjustments made in application filings.
Amidst the market recovery, ETH was still hovering around its previous month’s lower trajectory and displayed selling pressure on the chart.
Can ETH Bulls Push Ethereum Price to $3100?
This week, ETH retested the four-month low mark of $2800, gaining over 8%, fueled by the buyers’ hope of a spot ETF approval.
At press time, Ethereum Price was trading at $3090 with an intraday surge of 1.26%, reflecting a minute recovery on the chart. It has a monthly return ratio of -16.30% and 60.20% yearly, reflecting short term consolidation.
Its trading volume spiked over 8.27% while the market cap was noted at $376.82 Billion. Analysts are neutral and suggest 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 tweet said 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.
