Ethereum Melting After Spot ETF Launch: Will ETH Retest $3,000?
Ethereum is down, compounding fears among traders that the coin could extend losses throughout the second half of the week. For now, the coin is retesting $3,100 and risks plunging even lower in the days ahead. If anything, aggressive sellers can align with this emerging trend, targeting $3,000 and $2,800. Even so, considering the fundamental factors in play, ETH will likely find support in the medium to long term, eventually breaking above $3,500 in a buy trend continuation formation.
Losses of July 24 can be seen in how Ethereum performs. To put in the numbers, ETH is down 9% in 24 hours and relatively stable in the previous week of trading, shedding 8%. At the same time, the contraction is pushing engagement higher. The average trading volume is $21 billion.
Traders are watching the following trending Ethereum news today:
- Though spot Ethereum ETFs are up to a strong start, analysts argue that the enthusiasm doesn’t march that seen when similar products were launched for Bitcoin. On the first day, slightly over $1.1 billion of inflows was registered, representing roughly 30% funneled to BTC on launch.
- A recent paper exploring the Ethereum builder market scene has been endorsed by Vitalik Buterin. The paper seeks to find insights into what drives success and profitability among dapp developers.
Ethereum Price Analysis
ETH/USD is in red, sinking from $3,500, looking at the performance in the daily chart.
Buyers are upbeat, but the drop below $3,300 throws a wrench into the bulls’ equation.
In the short to medium term, aggressive buyers can look to double down, expecting a rebound above $3,500.
This preview, however, holds only if Ethereum remains above $3,000.
If not, any drop below the psychological round number, $3,000, cancels this bullish outlook and will likely forcer ETH to $2,800.
A comfortable breach of $3,500 and last week’s highs might accelerate the leg up to $4,100 and 2021 highs in the coming weeks.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals