Ethereum Processes Over 2.45 Billion Transactions in 9 Years: Why Is ETH Stuck Below $3,500?
Ethereum is bullish at spot rates but still stuck below $3,500. ETH traders remain upbeat, expecting spot ETFs to spur demand
Ethereum is stable at spot rates, soaking in selling pressure, looking at the formation in the daily chart. Even though the broader crypto scene is falling and cracks are beginning to form in Bitcoin, the resilience of ETH is impressive. As things stand, the immediate support zone is between $3,000 and $3,300. However, if buyers take over, a close above $3,500 would be crucial, setting the trend for more expansion, ideally to $4,100 and all-time highs.
At press time, Ethereum is stable in the past trading day but in red in the previous trading week, dropping by 4%. Even so, the path of least resistance is northwards, and buyers are confident there will be more gains in the sessions ahead. Engagement will likely expand as prices surge, pushing the average trading volume to over $13 billion registered yesterday.
The following trending Ethereum news developments are worth watching:
- As Ethereum marks nine years after launching, the network has processed over 2.45 billion transactions, posting over 20 million blocks. After the Merge, the number of validators stand at over 1 million, making the platform one of the most decentralized, even better than Cardano.
- A week after the launch of spot ETFs, there are sustained outflows. With investors free to choose, most are redeeming their ETHE shares and opting for cheaper alternatives like BlackRock’s ETHA.
Ethereum Price Analysis
ETH/USD is impressively firm at spot rates.
Even though there are waves of selling pressure, the coin remains resilient above $3,300.
Aggressive sellers may look to sell as long as prices are inside the bear bars of July 24 and 25. In this way, they will align with the dominant bear trend from last week. Their targets would be $3,000 and $2,800.
However, there are better entries above $3,500 for the conservative, risk-on traders.
In that case, a firm, high volume close above this liquidation level would trigger demand, lifting the coin above $3,700 in a bull trend continuation formation.
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