Ethereum Teeters on the Edge of Breaking Crucial Support Zone
- Ethereum price traded in the range of $3.5K, as bears are pulling bulls back.
- The daily trading volume declined by 18.64% to $16 billion in 24 hours.
Ethereum bulls and bears are in a feud to break the $3K range to go to a high of $4K. Thus, at the time of writing, the coin is trading at $3,535 with a 0.67% gain in the past 24 hours. After a 15.89% decline, the daily trading volume recorded was $16 billion. Notable bullish corrections are anticipated to reflect in the altcoins price. Demand for Ethereum has increased but the price is struggling to break the $3.7K over the last week.
Amidst the rise of Ethereum ETFs driving ETH market activity, the US Securities and Exchange Commission (SEC) staff have commented on the S-1 filings for spot Ethereum ETFs, which were approved on July 2, 2024. Eric Balchunas has expressed optimism regarding their launch. The SEC has permitted issuers like Fidelity, VanEck, Franklin Templeton, and Invesco to amend and resubmit their filings for review. These decisions follow recent legal challenges, such as those seen in the Grayscale Bitcoin ETF case.
Looking into The Price Movement
Over the past week, ETH is down by 3.88%. However, it has observed a 21.91% increase within the last month. Meanwhile, the daily relative strength index (RSI) stays at 47.38, suggesting that it is heading to the neutral zone.
Analyzing the 24-hour price chart, ETHs initial resistance is noted in the $3,690 range. And it might test the resistance around the $3,755 range. If the bullish trend continues, the next key resistance might be at the $3,800 level. Furthermore, the higher target might be marked in the $4K range.
On the contrary, Ethereums price will dip to the $3,400 level if the bears pull back the price. When it follows that downtrend, ETH might drop to a support level of $3,305. If the bears strongly rule, the price of ETH would dip further to the $3,200 level.
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Read more: https://thenewscrypto.com/ethereum-teeters-on-the-edge-of-breaking-crucial-support-zone/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
