Ethereumย (ETH) Price Struggles to Find Support Amid Ongoing Pressure
Theย present state of the Ethereumย (ETH) price is causing concern for investors as it continuesย to face downward pressure since mid-May. Regardlessย of multiple attempts to keep the price over $2,000, losses have taken a toll on investor confidence.
Weak Market Structure Challenges Ethereumย (ETH) Price
The market structure for Ethereumย (ETH) is weak, and both technical and macro factors suggest further losses before a wholeย lotย of trend reversal can occur.
Key Support Level to Watch
Traders should closely monitor the 200-weekly Exponential Moving Average (EMA), which is asย ofย now holding the levelย ofย support at $1,630. If the price falls below this level, the next wholeย lotย 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 wholeย lotย of intervention.
Probable Catalyst: SEC Approval of Ethereumย (ETH) Futures-Based ETF
If the Securities and Exchange Commission (SEC) approves the first futures-based Ethereumย (ETH) exchange-traded fund (ETF) in September or October, history impliesย that the Ethereumย (ETH) price could experience a 60% rebound, similar to what happened with Bitcoinย (BTC) in the past.
Ark Investโs Proposition for Spot Ethereumย (ETH) ETF
Cathie Woodโs Ark Invest has filed a proposition with the SEC for a spot Ethereumย (ETH) ETF, similar to the delayed spot Bitcoin ETFs. Specialists believe that the SEC will likely approve more Ethereumย (ETH) ETF proposals, increasing the chances of overall approval.
Major Buyer Congestion Zone
The price range between $1,530 and $1,630 is a wholeย lotย of zone of buyer congestion. Therefore, long-term Ethereumย (ETH) holders should not worry as long as the price remains within this range.
Hot Take: Future of Ethereumย (ETH) Price Depends on Regulatory Approval
The future direction of the Ethereumย (ETH) price hinges on regulatory decisions, particularly the approval of ETFs. If approved, itย might lead to a wholeย lotย of rebound in price, providing a probable opportunity for investors.
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