The increasing investor interest in Ethereum, particularly through ETFs, indicates the potential for further price growth. Let's examine the current situation and forecasts.
Current Situation in the ETH Market
Ethereum (ETH) is facing selling pressure above the $3,000 level, but bulls are still holding their ground. According to Farside Investors, over $1 billion has flowed into ETH ETFs since July 9, reflecting strong investor interest. Additionally, Ethereum treasury companies have acquired more than 545,000 ETH in the past month.
ETH Price Forecast Based on Technical Analysis
ETH pulled back from $3,083, indicating profit-taking by short-term buyers. The first support level is at $2,879, followed by $2,738. If the price rebounds from these levels, it may indicate solid demand. Should the price break above $3,083, ETH could rise to $3,153 and subsequently $3,400.
Implications for Investors and the Market
There are risks to the downside scenario. If the price continues to decline and falls below the 20-day exponential moving average ($2,734), it may suggest that the markets have rejected the breakout above $2,879. In this case, the pair could decline to $2,500. Technical analysis is pointing toward the formation of a bearish head-and-shoulders pattern, which could also lead to a drop to $2,773.
Investor interest in ETH from ETFs and corporate buyers confirms optimists' perspective. However, it is crucial to be attentive to possible technical signals indicating a correction.
