Ethereum (ETH) Price Struggles to Find Support Amid Ongoing Pressure
The present state of the Ethereum (ETH) price is causing concern for investors as it continues to face downward pressure since mid-May. Regardless of multiple attempts to keep the price over $2,000, losses have taken a toll on investor confidence.
Weak Market Structure Challenges Ethereum (ETH) Price
The market structure for Ethereum (ETH) is weak, and both technical and macro factors suggest further losses before a whole lot of trend reversal can occur.
Key Support Level to Watch
Traders should closely monitor the 200-weekly Exponential Moving Average (EMA), which is as of now holding the level of support at $1,630. If the price falls below this level, the next whole lot of support is at $1,350.
Bears in Control, Reversal Unlikely
The Relative Strength Index (RSI) indicates that bears have a firm grip on the market, making it difficult for a trend reversal to occur without whole lot of intervention.
Probable Catalyst: SEC Approval of Ethereum (ETH) Futures-Based ETF
If the Securities and Exchange Commission (SEC) approves the first futures-based Ethereum (ETH) exchange-traded fund (ETF) in September or October, history implies that the Ethereum (ETH) price could experience a 60% rebound, similar to what happened with Bitcoin (BTC) in the past.
Ark Invest’s Proposition for Spot Ethereum (ETH) ETF
Cathie Wood’s Ark Invest has filed a proposition with the SEC for a spot Ethereum (ETH) ETF, similar to the delayed spot Bitcoin ETFs. Specialists believe that the SEC will likely approve more Ethereum (ETH) ETF proposals, increasing the chances of overall approval.
Major Buyer Congestion Zone
The price range between $1,530 and $1,630 is a whole lot of zone of buyer congestion. Therefore, long-term Ethereum (ETH) holders should not worry as long as the price remains within this range.
Hot Take: Future of Ethereum (ETH) Price Depends on Regulatory Approval
The future direction of the Ethereum (ETH) price hinges on regulatory decisions, particularly the approval of ETFs. If approved, it might lead to a whole lot of rebound in price, providing a probable opportunity for investors.
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