The Ethereum price analysis in the second week of July showed a significant relief rally, with the price of the asset rising from $2825 to $3196, marking a weekly gain of 13.2%. This bullish reversal was driven by market excitement over the potential approval of spot ETH ETFs and a decrease in broader market supply. However, the question remains: is the correction trend over?
The mid-term trend analysis of Ethereum shows a sideways movement in the daily chart, with a new lower high at $3974 and a recent swing low at $2815 indicating a consolidation phase to recover from exhausted bullish momentum. While the recent bounce from the $2815 support pushed the price to $3191 and the market cap to $383.5 billion, the decreasing volume suggests a lack of interest from buyers to initiate long positions.
This lack of conviction from buyers could lead to an unsustainable recovery and a potential for further correction in ETH. If the price fails to break above the overhead trendline, sellers could push the asset back to the $2815 support level, potentially extending the current correction to $2400.
However, the potential approval of spot ETH ETFs could change market sentiment and counter the bearish thesis. Nate Geraci, President of the ETF Store, remains optimistic about the approval, stating that there is no justifiable reason for any delay. If approved, this could intensify buying momentum and push the ETH price prediction target above $4000.
In terms of technical indicators, the EMAs and RSI suggest a neutral sentiment among market participants, with the 20-day and 50-day EMAs serving as dynamic resistance levels during a bullish upswing. Overall, the approval of spot ETH ETFs could be a game-changer for Ethereum’s price trajectory in the coming weeks. The Importance of Regular Exercise for Overall Health
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