Ethereum Bounce: ETH Not Free From Aggressive Sellers After 27% Drop
Ethereum, like all altcoins, is under immense selling pressure. After the 27% drop, ETH might retest $2,800 before recovering
Ethereum is in red and bearish even after the weekend recovery. ETH is down, looking at events of last week, though stable at press time. At press time, the coin remains at second but still trailing BTC, which is more liquid but could post gains this week, extending gains from July 6. For now, sellers might look to dump on every high, targeting May lows, a level that was retested last week.
Presently, Ethereum is down 2% in the past day and 16% in the previous week amid the expected drop in average trading volume. At press time, participation is down to $14.4 billion, lower than last week’s average. Even so, as prices fluctuate, engagement will likely increase, boosting participation to the desired levels.
Today, the following Ethereum news events are worth watching:
- Franklin Templeton, one of the multiple firms interested in issuing a spot Ethereum ETF, is bullish on the second most valuable coin. In a report, the firm said the platform will continue to anchor the decentralized economy and open up more community opportunities.
- Eyes are on spot ETFs and when the United States SEC will approve this complex product. Some expect the derivative to hit the market within two weeks. Before then, traders should wait. It is expected that a spot ETF will lift sentiment, pushing the coin above $4,000.
Ethereum Price Analysis
The downtrend remains, even with prices recovering and floating above $3,000.
Thus far, ETH/USD remains 27% down from March highs.
At the same time, prices are inside the July 4 bar.
Accordingly, every high might offer entries for sellers to dump, targeting $2,800 in the short term.
However, if prices bounce from spot rates, closing above $3,000 and ideally $3,300, there could be more room for growth in the short term.
Conversely, if sellers press on, not only will Ethereum retest $2,800, but it could sell off to $2,500.
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