Ethereum, the top altcoin, has experienced a 14.83% decrease in price over the last month. It is expected that spot ETH ETFs will start trading in the upcoming weeks. The entire cryptocurrency market has seen a 3% drop in market cap within the last 24 hours, marking two consecutive days of bearish trends. Major cryptocurrencies have faced price declines over the past week, leading to increased selling pressure in the market. Ethereum, the second largest cryptocurrency, has shown a downward trend in its market price over the past month.
Notably, the token experienced a 3% price drop in the last 24 hours, but its daily trading volume saw a significant increase of 64.63%. After briefly reaching the $3,300 level on July 3, Ethereum fell below $3,250 on July 4. Additionally, the price of ETH hit a monthly low of $3,155 within the past 24 hours. At the time of writing, Ethereum was valued at $3,185 according to CMC data.
This price dip has led to increased selling pressure in the market, as indicated by the RSI standing at 32.75. Furthermore, the token’s short-term 9-day MA is below the long-term 21-day MA, highlighting the bearish trend, according to TradingView reports.
Looking back at the past month, Ethereum’s price has declined by 14.03%, with a 4.23% decrease over the past week. At the beginning of June, Ethereum was approaching the $4,000 level amid expectations of surpassing $4,000 and reaching new all-time highs. The approval of spot ETH ETFs at the end of May was anticipated to drive this bull run.
However, contrary to expectations, the altcoin did not reflect the SEC’s approval of spot ETH ETFs. Amid increasing volatility, the price of ETH experienced multiple correction levels and dropped to find support at the $3,200 level.
On the other hand, asset management firms approved for listing spot ETFs have been making progress in preparing for the launch of the ETP product. According to market analysts, spot Ethereum ETFs are expected to begin trading in mid-July.
This approval represents a significant milestone, as other altcoin ETFs are expected to follow spot Ethereum ETFs. The community is hopeful for an Ethereum bull run during the initial trading days of spot ETH ETFs. Furthermore, market analysts have identified signs of bullish movements in the coming months. TNC analysts have predicted that Ethereum will reach a bullish price of $6,800 in 2024.
Highlighted Crypto News Today:
Can Polygon (MATIC) Rebound Amid Losing Its Top 20 Spot?