Ethereum (ETH) is in the crosshairs of the crypto community and many market observers as Spot Ethereum exchange-traded funds (ETFs) start trading tomorrow.
ETH’s price has barely reacted to any recent developments in ETFs. In fact, volatility and uncertainty have gripped the market, and whales are moving millions of dollars worth of ETH to centralized exchanges, suggesting it’s time for them to take profits.
According to data from IntoTheBlock, ETH faces critical resistance at $3.4K. One factor contributing to ETH’s price freeze is the 3.13M addresses that bought ETH at an average price of $3.5K.
These addresses are holding at a loss, adding to the selling pressure and making it difficult for ETH to break through this key level.
Ethereum Faces Critical Resistance at $3,500
Since July 16th, Ethereum (ETH) has been struggling to surpass the $3,500 resistance level. A major factor contributing to this challenge is the 3.13 million addresses that purchased ETH at an average price of $3,547.
These… pic.twitter.com/iUOuXtToKq
— IntoTheBlock (@intotheblock) July 22, 2024
ETH peaked at $4K in March of 2024, a price not seen since December 2021.
ETH last crossed the $3.5K barrier in late May, reaching a peak of roughly $3.8K. Zooming out, ETH recovered from the massive correction witnessed in early July, going from a low of $2.8K to $3.47K at press time.
There are several reasons for this surge. Ethereum boosted after CFTC Chairman Rostin Behnam ruled BTC and ETH as commodities last week.
Trump’s assassination attempt also triggered a rally in the crypto market, with BTC and ETH taking the lead, according to data from CoinMarketCap.
Despite ETH stacking several green candles in the lead-up to the ETFs approval, this could also be the final day of a run-up in ETH’s price because the market might be trying to price in the Ethereum ETFs. This is similar to what happened to Bitcoin ETFs in January of this year, in which BTC had a bullish streak until the launch day (and then fell to $39K).
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