Ethereum struggled to defeat the bears and traded in the range of $3K.
The spot Ethereum ETF approval is expected by July 18.
Ahead of this, a whale withdrew 16,449 ETH from Binance.
The crypto market is struggling to recover from the bear-hold to the potent bull momentum. Ethereum (ETH), the largest-capped altcoin, marks the slightest revival above $3K with a gentle spike of 1.52% in the last 24 hours. The highest ETH price marked was $3,127, and the lowest was $3,025.
Notably, Ethereum bulls and bears are feuding to break the price above the $3K range to set a new high of $3.5K. At the time of writing, ETH traded at $3,121. After a considerable decline of 28.81%, the daily trading volume was $14.94 billion, according to CMC. In the last 24 hours, nearly $29.7 million worth of ETH liquidated from exchanges.
Amid the market fluctuations and ahead of the spot Ethereum ETF approval, an Ethereum whale withdrew 16,449 ETH valued at $50.3 million from Binance around 13 hours ago, as per the data from SpotOnChain. Notably, this is the whale’s first major accumulation of ETH. All the withdrawn Ethereum has been transferred to a new wallet.
Meanwhile, spot ETH ETF issuers have submitted the amended S-1 registration statements to the Securities and Exchange Commission (SEC). Thus, approval is expected on July 18.
Can the ETH Bulls Reach $3.5K Soon?
ETH was down by 7.15% over the past week, hitting a monthly low of $2,850. By evaluating the 24-hour price chart, the daily relative strength index (RSI) stands at 39.45, which hints at the asset’s nearly oversold condition. The short-term 9-day moving average (9MA) of $3,120 is below the 21-day moving average (21MA) and both the MAs hover above the current price action, indicating a bearish trend.
ETH Price Chart (Source: TradingView)
If the ETH revival strengthens, the price might test its initial resistance in the $3,391 range. The next key resistance levels will be between $3,487 and $3,692. On the other hand, if the ETH fails to maintain its price momentum, it may fall to immediate support near the $2,875 level. Further support might be in the $2,710 range.
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