Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
sell-off has been the primary culprit behind the market's downturn, altcoins have also suffered. Despite significant challenges, such as the Mt. Gox situation and Bitcoin sell-offs by the German government, a surge in demand for US-based Bitcoin ETFs has provided a buffer against further declines.
Despite this, it's too early to declare a market recovery. The total cryptocurrency market capitalization has not yet recouped the losses incurred in early July, despite this week's partial recovery. For a full recovery, the market capitalization needs to close above $2.15 trillion on a weekly basis, breaking through resistance up to $2.3 trillion. This could happen if the Bitcoin sell-off ends and positive developments materialize, such as the launch of spot Ethereum ETFs.
For Ethereum to break its short-term downtrend and target $3,350, it must first clear the resistance at $3,125. In the event of a pullback, $3,000 serves as the immediate support level. Failure to overcome current resistance could see a retest of this support. Holding $3,000 may pave the way for a stronger move past $3,125, while a break below $3,000 could trigger a decline towards the $2,800 demand zone.
In conclusion, the Ethereum market is closely monitoring developments around ETF approval. A confirmed trend reversal requires Ethereum to establish a firm floor above $3,350 this month. Until then, traders should watch the $3,125 and $3,000 levels closely as indicators of potential movements.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Sheds Weak Hands in June as Bulls Begin to Step in at Key Support ZoneMarket Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Ethereum: Long-Awaited ETF Launch May Not Be the Catalyst That Ends Sideways TrendMarket Analysis by Investing.com (Günay Caymaz) covering: BTC/USD, ETH/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Bitcoin: Bears in the Driver's Seat as Crypto Breaches Several Key Support LevelsMarket Analysis by Investing.com (Günay Caymaz) covering: Bitcoin. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Bitcoin: Support Zone Near 3-Month MA Becomes Critical After Failed BreakoutMarket Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
3 Meme Coins Eyeing High-Volume Breakouts After Key Support Holds FirmMarket Analysis by Investing.com (Günay Caymaz) covering: Dogecoin, SHIB/USD, PEPE/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Bitcoin Down 22% Over the Past Month: Where Could It Bottom?Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »