Will ETH’s price surge after Ethereum ETF listing this week?
The crypto market started the second week of July with a bearish trend, with a 4.07% correction in the global market capitalization. Moreover, the top tokens have pulled back sharply to key support levels, indicating strong bearish sentiment.
However, with the possible listing of Ethereum ETF this week, will ETH price make a comeback or fall below key support levels? Let’s find out.
ETH price has been trading in a descending channel pattern since June, indicating strong bearish sentiment for the altcoin leader in the crypto space. Moreover, ETH price is hovering near its support trendline, indicating weak buying pressure.
On the positive side, the ETH chart has formed a strong support zone near $2,800, highlighting strong buying pressure at this point. This suggests a high probability of a bullish reversal in ETH price at this level.
The technical indicator MACD shows that the red histogram continues to rise, indicating that the selling pressure in the market is greater than the buying pressure. Moreover, the moving average is in a negative pattern, indicating a bearish outlook for the ETH token this week.
Moreover, the Simple Moving Average (SMA) has seen a sharp decline in its price chart, indicating a weak bullish influence in the market.
Will ETH price rise or fall this week?
If ETH bulls successfully retest its key support area, it will regain momentum and test its $3,000 resistance level. Moreover, if the market holds ETH price at this level, it will be ready to test its upper resistance level of $3,400 this month.
On the contrary, if bears continue to dominate the market, ETH will break through its key support area and test the low of $2,625 again in the coming weeks.