June Month was notably bearish for the cryptocurrency market with many assets revisiting their monthly support. Amid the market sell-off, the Ethereum<\/a> price plunged from a high of $3887 to a low of $3232 registering a loss of 16.9%. However, the downfall lies within the healthy retracement of Fibonacci tools indicating a strong could allow ETH bulls to counterattack.<\/span><\/p>\n Also Read: Crypto Market This Week: Ethereum ETF, FOMC Minutes, US Job Data & Trade Deficit<\/a><\/p>\n <\/p>\n The near-term trend in Ethereum price is sideways evidenced by a new lower high formation at $3975 in late May. This reversal indicates the overhead supply is high from market sellers and ETH<\/a> buyers would need time to recuperate its momentum.<\/span><\/p>\n Connecting the overhead peaks with a trendline reveals a potential triangle formation as the altcoin has also received dynamic support from an ascending trendline since October 2023.<\/span><\/p>\n The Ethereum price currently trades at $3389 and holds a market cap of $407.3 Billion. If the supply pressure persists, the coin price could plunge another 5% to seek support at the long-coming trendline.<\/span><\/p>\n<\/blockquote>\n The renewed buying pressure from the trendline could uplift the asset by 14-15% and challenge the triangle\u2019s upper boundary at $3860. A bullish breakout from the triangle pattern will signal a better confirmation of uptrend continuation.<\/span><\/p>\n <\/p>\n Also Read: ETH\/BTC Pair Poised for Breakout as Ethereum ETF Launch Approaches: What\u2019s Next?<\/a><\/p>\n In a recent tweet, the prominent crypto analytics firm IntoTheBlock revealed a striking statistic: 78% of Ether is currently held by long-term holders. Despite the volatility in Ethereum\u2019s price, the proportion of ETH held by long-term investors has steadily increased, indicating a strong belief in the asset\u2019s future value.<\/span><\/p>\n 78% of ETH is owned by long-term hodlers pic.twitter.com\/9vb5kaUIar<\/a><\/p>\n \u2014 IntoTheBlock (@intotheblock) June 28, 2024<\/a><\/p>\n<\/blockquote>\n Ethereum\u2019s price performance in July has exhibited a mix of gains and declines over the past several years, reflecting the broader market\u2019s volatility and investor sentiment. The biggest gain was +56.62% in 2022, while the largest drop was -27.29% in 2017.<\/span><\/p>\n <\/p>\n On average, July has a positive return of +6.95%, though the median return is -4.41%, indicating mixed performance.<\/span><\/p>\n However, with the ongoing development around U.S-listed Ethereum ETFs<\/a>, anticipated to launch around mid-July, the odds strongly lean on buyers\u2019 favor.<\/span><\/p>\n <\/p>\n \n \tA3: Long-term holders, who currently own 78% of Ethereum, play a crucial role in its market stability. Their sustained investment indicates a strong belief in Ether’s long-term value.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n \n \tThe anticipated launch of U.S-listed Ethereum ETFs could significantly influence ETH price by potentially increasing buyer interest and investment. This development is expected to provide easier access for a broader range of investors.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n \n \tThe Fear and Greed Index measures investor sentiment in the market, which can be a useful indicator for traders to gauge the general mood among market participants.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n Related Articles<\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nEthereum Price Eyes Stability as 78% of ETH is Held by Long-Term Holders<\/span><\/h2>\n
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