The post Ethereum (ETH) Price Battles Resistance: Is a Breakout Coming Soon? appeared on BitcoinEthereumNews.com.

TLDR Ethereum’s price is currently battling resistance around $3,300-$3,400 after a recent downward correction. ETH is down about 6.5% since the launch of spot Ethereum ETFs on July 23, but ETF flows recently turned positive with $33.67 million in net inflows on July 30. The ETH/BTC pair has gained 3.5%, suggesting potential for an altcoin season. Analysts are watching for a potential breakout above $3,400 that could push ETH towards $4,000. Market uncertainty remains due to factors like US government Bitcoin transfers and the upcoming FOMC meeting. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently locked in a battle with key resistance levels as investors and analysts watch for signs of a potential breakout. As of July 31, 2024, ETH is trading around $3,312, down about 1% in the past 24 hours. The cryptocurrency has faced downward pressure since the launch of spot Ethereum ETFs on July 23, with the price dropping approximately 6.5% since then. This decline was primarily fueled by initial capital outflows from these new investment products. However, recent data suggests a potential shift in momentum. According to Farside Investors, the nine U.S. spot Ethereum exchange-traded funds saw net inflows of $33.67 million on July 30, ending a four-day streak of negative flows. This positive turn in ETF flows could signal renewed investor interest in Ethereum, potentially supporting its price in the near term. From a technical analysis perspective, Ethereum is currently grappling with resistance in the $3,300-$3,400 range. This area is significant as it coincides with both the 50-day and 100-day exponential moving averages (EMAs). A daily close above $3,400 could pave the way for ETH to challenge the psychologically important $3,500 level, with some analysts eyeing a potential run towards $4,000. However, the market remains cautious. The Relative Strength Index (RSI) on the…

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Filed under: News - @ July 31, 2024 5:20 pm