Ethereum Update: ETH Is Set For A Breakthrough Amid ETF Launch Letdown
Ethereum is currently on the edge of a massive breakout above the crucial $4,000 threshold. Despite this potential, it recently fell short of many enthusiasts’ and retail traders’ expectations.
The much-awaited launch of the spot Ethereum ETFs failed to trigger a rally, instead resulting in a “sell-the-news” event, leading to market disappointment. However, a crypto analyst maintains that the overall sentiment around Ethereum (ETH) remains fundamentally positive, with bullish investors keeping the cryptocurrency stable at the critical support level of $3,200.
Crypto analyst RLinda, in a TradingView post, provides a thorough analysis of Ethereum’s current performance. Recently, Ethereum corrected by 11.5% within two days following the spot Ethereum ETFs launch on July 23. While it has since regained some losses, it remains in a corrective phase, testing key interest zones around the 0.5 Fibonacci retracement level and the 200-day moving average.
RLinda’s analysis highlights that this corrective test of the MA-200 led to a significant breakdown below the critical support level of $3,200, with Ethereum’s price dropping to $3,115 on July 25. However, this dip attracted strong buying interest, preventing further declines.
To maintain the broader bullish momentum, RLinda emphasizes the need for bulls to keep Ethereum’s price above the $3,200 support level. Success here could pave the way for a renewed bullish rally, potentially driving the price to break through key resistance levels and target the $4,000 to $4,900 range.
Achieving this bullish resurgence would require Ethereum to overcome significant resistance around $3,357 and $3,540, identified as strong order blocks.
Currently, Ethereum is trading at $3,334.13, reflecting a 1.52% decline over the past 24 hours.
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