- Ethereum, the leading altcoin, witnessed a 14.83% price decline in the past month.
- The spot ETH ETFs are expected to begin trading in the coming weeks.
The overall crypto market witnessed a 3% dip in market cap in the last 24 hours, constituting two consecutive days of bearish trends. Leading cryptocurrencies have incurred price dips over the past week causing the initiation of a selling pressure in the market. The second largest cryptocurrency, Ethereum has shown declining movements in its market price in the past month.
Notably, the token witnessed a 3% price decline in the last 24 hours. However, its daily trading volume increased by a significant 64.63%. The token, after a slight increase to the $3,300 level on July 3 slid down to trade below $3,250 on July 4. Additionally, ETH price hit a monthly low of $3,155 momentarily in the last 24 hours. At the time of writing, Ethereum was trading at $3,185 according to CMC data.
ETH/USDT Daily Price Chart (Source: TradingView)
This price dip has fueled a selling pressure in the market as indicated by the RSI standing at 32.75. Moreover, the token’s short-term 9-day MA stands below the long-term 21-day MA underscoring the bearish trend, per TradingView reports.
Will Ethereum Price Witness a Bull Run in July?
Zooming out, in the past month, Ethereum’s price performance stands at a 14.03% decline, while the token witnessed a 4.23% weekly decline. At the beginning of June, Ethereum was reading closer to the $4K level amid anticipations of surpassing $4K and hitting new ATHs. The approval of spot ETH ETFs towards the end of May was expected to propel this bull run.
However, contrary to expectations, the altcoin failed to price in the SEC’s spot ETH ETFs approval. Amid increasing volatility, ETH price showed multiple correction levels and slid down to find support at the $3200 level.
On the other hand, asset management firms approved for listing spot ETFs began making other advancements in preparing for the launch of the ETP product. According to market analysts spot Ethereum ETFs are expected to begin trading in mid-July.
This approval holds a crucial milestone as other altcoin ETFs are expected to follow spot Ethereum ETFs. Community expectations rely on an Ethereum bull run, during the spot ETH ETF initial trading days. Moreover, market analysts have identified signs of bullish movements in the coming months. TNC analysts have predicted Ethereum to hit a bullish price of $6800 in 2024.