Ethereum Spot ETFs Launch, Crypto Records Positive Day! Analysis for July 24, 2024

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

Ethereum (ETH) Price Status

As mentioned in the July 17 analysis, Ethereum reached the low end of its range before rebounding by more than 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, which took place on July 23. This event did not really affect the crypto on the first day. Indeed, ETH has been stabilizing in the form of a range between $3,560 and $3,350 for a week now. It should be noted that this consolidation is taking place below the last peak of Ethereum's short-term downtrend, also acting as an important value zone. From a technical point of view, breaking above this zone would therefore 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 ETH fluctuations thus show that selling interest is starting to manifest. While this may be worrisome, the crypto’s trend remains bullish. This can be supported by the fact that Ethereum’s price is holding above its 50-day and 200-day moving averages. On the Ethereum momentum side, we can see that it is stabilizing, as evidenced by its price and oscillators, suggesting a return to volatility to come.

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Now a trainer at Family Tradinga community of thousands of self-employed traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and friendly atmosphere.

Ethereum (ETH) Price Hypotheses

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

• If Ethereum fails to hold above $3,000, we could be looking at a move back towards $2,900-$2,800. The next support to consider, if the bearish move continues, would be around $2,700. Further down, we can note the $2,600 area of ​​interest. At this point, this would represent a decline of around 24%.

Conclusion

Ethereum rebounded significantly after reaching the lower part of its range, marked by the anticipation of the launch of Ethereum spot ETFs. Despite this event, the crypto is stabilizing in a range defined for a week, under a short-term bearish trend. Recent fluctuations show selling interest, but the general trend remains bullish. The current stabilization as well as certain indicators suggest a resumption of volatility. Thus, it will be crucial to carefully observe the price reaction to the different key levels to confirm or deny the current hypotheses. It is also important to remain vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that the price of cryptocurrencies can also evolve rapidly according to other more fundamental factors.