ETH Price Stalls at $3k as Bloomberg Announce New Ethereum ETFs Launch Date

Ethereum Price Analysis

Ethereum price failed to breach the $3,100 resistance level, despite rising demand from savvy traders buying the dip over the weekend. However, recent ETH 2.0 staking trends suggest the selling pressure could subside in the week ahead.

ETH Rebound Mission Hits Roadblock at $3,000

The global crypto markets entered a major downswing ahead of the US Non-Farm Payrolls report released on Friday, July 5. The ensuing market volatility, as well as more delays around the Ethereum ETF’s official launch date both combined to trigger ETH price downswing to a 5-month low on Friday.

Despite Ethereum price trending at multi-month lows, ETH is struggling to find buyers.

The chart above depicts how Ethereum price rebounded 9% from the 5-month low of $2,817 recorded amid widespread liquidations on Friday July 5. Over the weekend, ETH’s 9% price recovery was halted at the $3,000 mark.

At the time of writing on July 8, ETH price is currently trading around the $2,987 mark, having consolidated within the same 5% range over the last 48-hours.

Bloomberg Analysts Say Ethereum ETFs Could Launch July 15

Ethereum price struggled over the weekend, while broader crypto market scored a sizeable rebound since the Friday meltdown. For context, XRP price has gained 17% while BTC has also recorded a double-digit upside.

This suggests that ETH is experience weak demand as the bulls make their way in to the markets again. Major news headlines surrounding the delayed launch of the newly-approved Ethereum ETFs, appears to be the major bearish factor.

According to Bloomberg analysts, James Seyffart and Eric Balchunas, Ethereum ETFs could launch around July 15, following the latest adjustments made in recent application filings.

“These changes were very minimal and [I don’t know] why the ETFs wouldn’t be ready to go within a couple weeks.” – James Seyffart

More so, Eric Balchunas also stated the latest round of comments involved “literally nothing” and asserted the funds should have begun trading already.

“All indications suggest a “launch [is] still on for this month.”

– Eric Balchunas (Bloomberg Senior ETF Analyst)

He then added that the light comments also allowed Bitwise to amend its application sooner than the July 8 deadline that it and other applicants are expected to meet.

With yet another week of Ethereum ETF no-show expected, this explains why short-term buyers could be reluctant to enter the large LONG positions on ETH  in the week ahead.

Ethereum Price Forecast: $3,100 Breakout Could Trigger Bigger Gains

The current price of Ethereum (ETH) is $2,930.83, reflecting a significant drop of 4.44% today. Ethereum has seen a consistent downward trend, with a notable 9.11% decline over the last two days.

The Parabolic SAR dots above the price action indicate a continued bearish trend, reinforcing the short-term negative sentiment in the market.

The Chande Momentum Oscillator (ChandeMO) is at -59.63, which underscores the bearish momentum currently affecting Ethereum. This low momentum suggests that buying interest is weak, and short-term buyers might be hesitant to enter large long positions, especially given the ongoing uncertainty around the Ethereum ETF.

Support levels to watch include the psychological level of $2,900 and further down at $2,800. These levels are critical as they could provide a floor if the downward trend continues.

On the upside, the key resistance level is at $3,100. Breaking and holding above this level could potentially trigger larger gains and signal a reversal of the current bearish trend.

In summary, Ethereum is under significant selling pressure, and the weak momentum suggests caution for short-term buyers. Monitoring the support at $2,900 and resistance at $3,100 will be crucial for anticipating the next significant move. A breakthrough above $3,100 could lead to a more substantial recovery, while failing to hold $2,900 could result in further declines.