"Ether (ETH) lost 18% of its value, falling to $2,826 from July 1 to July 8, but has partially recovered. Investors are disappointed, especially given the liquidation of $313 million of long positions. The current price of $3,100 is still below the previous support level of $3,400, but traders are gradually returning confidence 📉
The supply of ether on exchanges continues to decline. Even if the Ethereum ETF takes longer to launch in the US, strong fundamentals suggest a price rebound soon.
Analyst Leon Waidmann notes that 40% of Ether's supply is locked up, including staking and DApps, while supply on exchanges has declined over the past month.
Ethereum layer-2 growth activity and robust ETH derivatives markets also support bullish momentum."