Will Ethereum (ETH) Price Rise With EthereumETF Listing This Week?

The cryptocurrency market started the second week of July on a bearish note as it recorded a 4.07% correction in its global market capitalization. Moreover, major tokens saw a sharp pullback towards their crucial support levels, indicating a strong bearish sentiment.

In addition, the leader of altcoins, Ethereum Priceshowed a similar trend, falling around 5.50% over the past two days after failing to maintain its value above the $3,000 mark.

However, with a possible listing of the Ethereum ETF This week, will ETH price make a strong comeback or break its crucial support? Let’s dive in, because in this article, we have covered the Ethereum token price analysis as well as its potential monthly targets.

ETH coin price hints at a possible bullish reversal:

Ethereum price continues to trade within a descending channel pattern since June, indicating strong bearish sentiment for the leading altcoin in the crypto space. Additionally, the ETH Price is hovering near its support trendline, suggesting weak buying pressure.

TradingView: ETH/USDT

Moreover, despite a 4.39% jump recorded on Saturday, the price of the ETH cryptocurrency has fallen by 3.86% in the last 24 hours with a trading volume of $14.267 billion. Moreover, it has plunged by 15.92% in the last week and by 20.50% in the last 30 days.

On the positive side, the Ethereum price chart has formed a strong support zone around its $2,800 level, highlighting strong buying pressure at this point. This indicates a strong possibility of a bullish reversal in ETH price at this level.

Ethereum Market Sentiments:

The technical indicator, MACD, is showing a steady rise in the red histogram, indicating an increase in selling pressure over buying in the crypto space. Additionally, the averages are showing a negative trend, suggesting a bearish outlook for the ETH token this week.

Additionally, the Simple Moving Average (SMA) has registered a sharp decline on its price chart, suggesting little bullish influence on the cryptocurrency market.

Will ETH price go up or down this week?

If Ethereum bulls manage to retest its crucial support zone, the altcoin leader will regain its momentum and test its $3,000 resistance level. Moreover, if the market sustains ETH price at this level, it will prepare to test its upper resistance level of $3,400 this month.

Conversely, if bears continue to dominate the cryptocurrency market, Ethereum price will break its crucial support zone and plunge towards its low of $2,625 in the coming weeks.

Read also: Bitcoin, Ethereum, and XRP Price Prediction: Has the Bullish Rally Resume?

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