Ethereum Bears Target $3,300: Are Institutions Not Interested In ETH?
Ethereum is swinging back to red, looking at the performance on the last day. After the excitement of June 12, sellers cemented their position yesterday, pushing prices even lower. Ethereum is in bear territory at press time, retracing from March 2024 highs. So far, bulls have found a ceiling at $3,700. Therefore, until there is a convincing and decisive close above this level, ETH will likely continue falling.
The path of least resistance is emerging to be southwards. Reflecting this state of affairs is the contraction of prices. Thus far, Ethereum is down 8% in the previous trading week. Of note the dump is with decent participation. As coin trackers show, the average trading volume on the last day stands at over $14 billion.
Traders should closely monitor the following Ethereum news events:
- On-chain data shows that spot Ethereum ETFs approved in Hong Kong are struggling for traction. Weeks after going live, these products have only amassed $26 million worth of ETH. This is dismal, considering issuers are permitted to stake ETH from clients, unlike in the United States.
- Ahead of the likely approval of spot Ethereum ETFs in the United States, there is a clear surge in staking interest. According to data, over $1.8 billion of ETH are now locked, staked, and used to secure the multi-billion network.
Ethereum Price Analysis
ETH/USD bulls are struggling to stay afloat, looking at the formation in the daily chart.
Ethereum is currently trading below $3,700.
At the same time, even after the relief on June 12, prices crashed yesterday. So far, bear bars are printed, aligning with the lower BB.
This formation points to weakness.
Accordingly, aggressive traders may choose to short on every attempt higher but within the bear engulfing bar of June 11.
The immediate target would be $3,300.
This outlook will change if Ethereum spikes above $3,700, pumped by high trading volume.
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