Key Takeaways
- Though the margin is narrow, Ethereum’s Bulls and Bears indicator hints at an accumulation trend.
- IOMAP analysis reveals a dense cluster of ETH holders, offering resistance against any major sell-off
- ETH is trading above the 0.618 Fib level at $2,428, a crucial support for sustaining the bullish structure.
Ethereum (ETH) has held steady over the past week, consolidating within a narrow trading range. But as the second week of July kicks off, bulls are pushing to break ETH out of its sideways movement.
Ethereum’s price has reclaimed $2,500 at press time, a psychological level that could serve as a springboard for further gains.
Now, with momentum building, bulls are eyeing higher targets. In this analysis, CCN highlights the key price levels to watch — and what could be next for ETH’s price.
Ethereum Bulls Pressures Key Resistance
To kick off this analysis, CCN examined the Ethereum Bulls and Bears indicator — a metric that tracks significant buy and sell activity across the network.
Specifically, it measures the number of addresses that bought or sold more than 1% of total trading volume within a defined period.
When bearish addresses outnumber the bulls, it typically signals intense selling pressure and a potential price decline. However, bullish dominance implies broader accumulation, laying the groundwork for upward momentum.
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According to IntoTheBlock data, Ethereum recorded 95 bullish addresses versus 91 bearish ones over the past seven days.
While the margin is modest, it suggests that buy-side interest is slightly outpacing sell pressure. If this trend continues, Ethereum’s price might avoid a breakdown below $2,400.
Despite the growing bullish momentum, Ethereum’s price still faces key price levels that could make or break its short-term performance.
According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) data, the strongest support zone lies between $2,345 and $2,421.
At this range, over two million addresses accumulated approximately 66.81 million ETH. Most of these holdings are currently in profit, creating a robust cushion that could absorb selling pressure.
In contrast, the resistance zone between $2,579 and $2,965 shows relatively lower buying volume, suggesting Ethereum doesn’t face a major sell wall.
This imbalance indicates a favorable setup for bulls. However, the uptrend will only be validated if they successfully defend the $2,345 support zone.
ETH Price Analysis: Awating Confirmation
Key Fibonacci levels on Ethereum’s daily chart add critical context to the current price action.
At the heart of this setup is the 0.618 golden ratio at $2,428, which is currently serving as a vital support level. For the ongoing bullish structure to hold, ETH must maintain its position above this mark.
On the flip side, the 0.50 Fib level at $2,749 stands out as the next major resistance. Ethereum’s price must overcome this barrier to fully confirm a breakout, especially since it has already breached the upper boundary of a descending channel.
The Moving Average Convergence Divergence (MACD), which recently formed a bullish crossover, adds weight to the bullish narrative.
If this trend continues and ETH’s price clears the $2,749 resistance, the next price target could be around $3,070.
However, a drop below $2,428 could expose the cryptocurrency to sharp downside risks, potentially pulling it below $2,000
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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