Ethereum (ETH) Price Analysis: Can ETH Overtake BTC as ETF Launch Approaches?

- Since the end of May, the price of Ethereum has corrected by about 30% to $1,815, mainly affected by broader market trends and the delay in the approval of the ETF by the US SEC.

- The Fear and Greed Index of Ethereum is 30%, indicating that the market sentiment is bearish. The intraday trading volume of ETH reached $10.4 billion, and the market activity declined slightly over the weekend.

- Bitwise has submitted an amended S-1 filing by July 8, and it is expected that the Ethereum ETF will start trading in mid-July.

- If the ETF is approved, the price of ETH may rebound by 36% and challenge the $3,800 mark on the downtrend line. Technical indicators such as the 200-day EMA and the 100-day EMA show immediate resistance for the buy side.

- The Relative Strength Index (RSI) has fallen to the oversold zone, which may attract bargain hunters in the market.

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