What to Expect for Ethereum Price in July Based on Historical Trends
Ethereum price shows a sideways trend with potential support at $3389. Despite mixed July performance, ongoing developments like U.S.-listed ETFs could favor buyers
HIGHLIGHTS
The triangle pattern formation is known to restore the prevailing trend with a short break and signal uptrend continuation after the key resistance trendline breakout.
The Ethereum’s Fear and Greed Index at 44% accentuates a neutral to bearish sentiment among market participants.
The intraday trading volume in Ether is $6.95 Billion, indicating a 38% gain.June Month was notably bearish for the cryptocurrency market with many assets revisiting their monthly support. Amid the market sell-off, the Ethereum price plunged from a high of $3887 to a low of $3232 registering a loss of 16.9%. However, the downfall lies within the healthy retracement of Fibonacci tools indicating a strong could allow ETH bulls to counterattack.Ethereum Price Eyes Stability as 78% of ETH is Held by Long-Term The near-term trend in Ethereum price is sideways evidenced by a new lower high formation at $3975 in late May. This reversal indicates the overhead supply is high from market sellers and ETH buyers would need time to recuperate its momentum.
Connecting the overhead peaks with a trendline reveals a potential triangle formation as the altcoin has also received dynamic support from an ascending trendline since October 2023. TIA 🔥
