The price of Ethereum has been fluctuating around $3.5K, with bears trying to push back the bulls. Trading volume has decreased by 18.64% to $16 billion in the past 24 hours. There is a battle between bulls and bears to break the $3K barrier and reach a high of $4K. Currently, Ethereum is trading at $3,535 with a 0.67% increase in the last day. Despite a 15.89% drop, the daily trading volume remains at $16 billion, with expectations of bullish corrections impacting the altcoin’s price. Demand for Ethereum is on the rise, but breaking the $3.7K mark has proven challenging over the past week.
The rise of Ethereum ETFs has been driving market activity for ETH, with the US Securities and Exchange Commission (SEC) staff commenting on S-1 filings for spot Ethereum ETFs that were approved on July 2, 2024. Analysts like Eric Balchunas are optimistic about the launch of these ETFs. The SEC has allowed issuers such as Fidelity, VanEck, Franklin Templeton, and Invesco to make amendments and resubmit their filings for review, following legal challenges similar to those seen in the Grayscale Bitcoin ETF case.
Looking at the price movement, ETH has seen a 3.88% decline over the past week but has increased by 21.91% in the last month. The daily relative strength index (RSI) is at 47.38, indicating a move towards the neutral zone. In the 24-hour price chart, initial resistance for ETH is seen around $3,690, with potential resistance at $3,755 and $3,800 if the bullish trend continues. On the downside, if bears take control, ETH could drop to $3,400, and further down to $3,305 and $3,200 if the downtrend persists.
In other news, the impact of the 114 billion PEPE dump on its future is being closely watched.
