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- Ethereum trades at $3.1K, down by 7.77% over the last 24 hours.
- If an ETH revival befalls, the initial resistance can be found around the $3.3K level.
The crypto market was anticipating the spot Ether ETF launch to bring in a bull run for Ethereum; however, the bears took control over the bulls and pushed the price below $3.4K. Whereas, Bitcoin’s price jumped to new highs after three months of its Spot ETF launch. How long will it take Ethereum to see a similar rally?
The long-awaited Spot Ethereum ETF launch witnessed remarkable trading on Tuesday. Spot ETH ETFs recorded a total net inflow of $106.78 million within the first 24 hours of trading. The eight ETFs recorded net inflows, with the digital asset’s total value traded at $1.11 billion on July 23, according to SoSoValue data.
Moreover, Santiment data reveals an increase in whale activity ahead of the spot ETH ETF in the U.S, impacting its launch. The amount of ETH transfers exceeded $100K in value, which is 64% higher than the amount of BTC transfers since July 17.
How Long Will ETH Take to Bounce Back?
ETH’s price was down by 6.45% over the past month, and it continued to drop over the past week by 7.61%. The asset’s highest and lowest price recorded in the past 24 hours are $3,473 and $3,157, respectively. Currently, ETH trades at $3,176, with the market cap staying at $381 billion. Meanwhile, the daily trading volume has declined by 8.64%, to $21.29 billion, as per CMC data.
The short-term 9-day (9MA) and 21-day (21MA) moving averages of Ethereum are at $3,424 and $3,266. Both MA’s are displayed above the current price action, suggesting bearish momentum. Meanwhile, the daily relative strength index (RSI) of ETH is found at 41.17, seemingly approaching the neutral zone.
ETH Price Chart (Source: TradingView)
If an ETH revival befalls, the initial resistance can be found around the $3.3K level. An upside break above the first resistance might send the price higher toward the $3,586 resistance zone. If ETH fails to clear the key resistance, it could continue to move down. The first major support on the downside might be in the $2.8K range. A steady downfall might push the price toward $2,606.
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This article was originally published on thenewscrypto.com
