Is Ethereum (ETH) bull run imminent? Can it break $3,200?

Ethereum is slowly recovering from the extreme bearish sentiment it experienced last week, which saw the coin fall 5% in seven days to a five-month low of $2,810. Currently, Ethereum is trading at $3,091, up a small 0.88% in the past 24 hours, although its trading volume has fallen 9% over the same period.

Looking back, Ethereum started the year strongly but gradually turned lower from mid-March. Although ETH recovered in mid-May on the expectation of the approval of a spot Ethereum ETF in the United States, it still underperformed Bitcoin. The price of Ethereum has been in a correction trend since the end of May, falling from a high of $3,500.

The timing of these large withdrawals and accumulations coincides with the market's anticipation for the Ethereum ETF, which is expected to go live next week. This development is a potential bullish sign for Ethereum as it could attract more investments and push the price higher.

The daily chart shows that Ethereum is in a weak bullish trend with the 9-day moving average at $3,114. The daily RSI is 41, indicating close to oversold conditions. If Ethereum bulls continue to rise, it could reach $3,296 with the next target at $3,521. However, if the bears gain the upper hand, it could fall to $3,002 with support at $2,861 on the downside. #美国6月CPI大幅降温 #美联储何时降息？ #ETH🔥🔥🔥🔥