Ethereum's price action in the last 24 hours has been bullish. It traded at $3,378.90 USD, marking a significant 3.38% increase. This spike comes after a disappointing Ethereum ETFs launch on July 22nd, 2024. ETH has since shown resilience and positive movement after starting with a slight decline owing to solid market sentiment and increased trading volume.
The first week of this ETF launch saw Ethereum trade volumes above $4 billion. Between July 22nd and July 26th, there was a momentary slump of about 13.37%, but the price recovered swiftly following Donald Trump’s supportive speech at the Bitcoin Conference 2024.
By July 29th, ETH has already gone up to $3,345, which translates to an increase of approximately 8.74% within three days. An upward trend indicates prospects for Ethereum trying to break away from resistance levels around $3,500 soon.
In terms of technical indicators that are available now point for better perspectives for Ethereum ahead. The Ichimoku Cloud analysis suggests that prices may move up again as it seeks to go beyond resistance levels at $3491 or even $3506 in case they are breached successfully. These two moves would make ETH shoot towards $3800.
However, the CHOP (Choppiness Index) reading at present stands at around 42, indicating possible short-term market correction and a likely trend reversal. On focus now should be key support levels that reflectively stand at $3226 and $3278, respectively.
The RSI is currently above fifty, which implies a positive crossover trend supporting continuous gains over time. Open interest rose by one point five billion dollars over three weeks, indicating higher trading intensity and volatility that accompanies leveraged trading. The implications here would be greater fluctuations in prices over the next week.
Market liquidity has improved significantly with the introduction of Ethereum ETFs, but it has also caused volatility. The first week saw diverse results, with a drop in ETH price before the recent rise. During the launch of ETFs such as when Bitcoin plunged after ETFs released in January only to rise sharply thereafter.
However, some ETFs, like Grayscale Ethereum ETF, recorded outflows of $1.5bn, leading to a 20% decline in AUM during this bullish spell. On the other hand, another group of funds experienced inflows worth $1.18bn. These shifts prove that different investor responses have been affecting overall market rates on exchanges due to their liquidity movement.
Going forward, Ethereum’s price is expected to remain bullish. According to IntoTheBlock data, the surge in ETF volume and increase in large transaction volumes indicate growing institutional interest. If current patterns hold true analysts believe Ethereum can attain new milestones hitting around $3,800 mark as predicted by many forecasts.