Launch of Ethereum Spot ETFs: Crypto Records a Positive day! Analysis for July 24, 2024

Following the official launch of Ethereum spot ETFs, ETH recorded a performance of 1.28%. Let’s look at the future prospects for ETH together.

Ethereum Price Situation (ETH)

As mentioned in the analysis from July 17, Ethereum reached the bottom of its range before bouncing back over 25%. In less than two weeks, the crypto price went from $2,800 to $3,500. This volatility was marked by the anticipation of the official launch of Ethereum spot ETFs on July 23. This event did not significantly impact the crypto on the first day. Indeed, ETH has been stabilizing in a range between $3,560 and $3,350 for a week now. It should be noted that this consolidation is happening below the last peak of Ethereum’s short-term bearish trend, also acting as an important value area. From a technical perspective, breaking this zone would be appreciated to change the short-term structure of the crypto.

At the time of writing, Ethereum is trading just below $3,450. The latest fluctuations in ETH thus show a selling interest starting to manifest. Although this may be worrying, the crypto trend remains bullish. This view can be supported by the fact that the price of Ethereum remains above its 50 and 200-day moving averages. On the Ethereum momentum side, it can be seen stabilizing, as evidenced by its price and oscillators, suggesting a potential return of volatility to come.

The current technical analysis was carried out in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Today, he is a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. There, you will find live sessions, educational content, and mutual help around financial markets in a professional and friendly atmosphere.

Hypotheses for Ethereum Price (ETH)

• If the price of Ethereum stays above $3,000, we could anticipate a bullish continuation, reaching the area between $3,600 and $3,700. The next resistance to consider would then be around $3,900. If the upward movement continues, it could suggest a target of $4,000 or even $4,100. At this point, it would represent a gain of over 19%.

• If the price of Ethereum fails to stay above $3,000, we could consider a return to $2,900 – $2,800. The next support to consider, if the downward movement continues, would be around $2,700. Lower, we might note the interest area of $2,600. At this point, it would represent a drop of about 24%.

Conclusion

Ethereum has bounced significantly after reaching the bottom of its range, marked by the anticipation of the Ethereum spot ETFs launch. Despite this event, the crypto is stabilizing in a defined range for a week, under a short-term bearish trend. Recent fluctuations show seller interest, but the general trend remains bullish. The current stabilization and some indicators suggest a return of volatility. Therefore, it will be crucial to closely observe the price reaction to various key levels to confirm or invalidate current hypotheses. It is also important to stay vigilant against potential market “fake-outs” and “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria, and cryptocurrency prices can also quickly evolve based on other more fundamental factors.