{"id":340820,"date":"2024-07-09T23:13:13","date_gmt":"2024-07-09T17:43:13","guid":{"rendered":"https:\/\/dripp.zone\/news\/ethereum-price-analysis-warns-2500-breakdown-as-bearish-pattern-emerges-crypto-news\/"},"modified":"2024-07-09T23:17:53","modified_gmt":"2024-07-09T17:47:53","slug":"ethereum-price-analysis-warns-2500-breakdown-as-bearish-pattern-emerges-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-price-analysis-warns-2500-breakdown-as-bearish-pattern-emerges-crypto-news\/","title":{"rendered":"Ethereum Price Analysis Warns $2500 Breakdown As Bearish Pattern Emerges &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">The second-largest cryptocurrency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/grayscale-announces-distribution-date-for-mini-ethereum-etf-shares\/\">Ethereum<\/a> initiated July\u2019s second week on a bullish note. Following the recent market sell-off, the ETH price found suitable support at $2815\u2014 a multi-month horizontal level intact in February 2024. This support coincides closely with the 23.6% Fibonacci retracement creating a pivotal point for Ether to rebound or lead further correction. Will the developments in ETF approval help this asset regain bullish momentum?<\/span><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/markets\/eth-btc-price-prediction-is-ethereum-price-reversing-or-is-it-a-bull-trap\/\">ETH\/BTC Price Prediction: Is Ethereum Price Reversing or Is It a Bull Trap?<\/a><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<h2><span style=\"font-weight: 400;\">Ethereum Price Analysis: Key Levels to Watch as ETF Approvals Loom<\/span><\/h2>\n<figure style=\"width: 1946px\" class=\"wp-caption alignnone\"><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/s3.tradingview.com\/snapshots\/t\/Tiz2gcf4.png\" alt=\"BITSTAMP:ETHUSD Chart \" width=\"1946\" height=\"830\"\/><\/noscript><figcaption class=\"wp-caption-text\">Ethereum Price Analysis| Tradingview<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The first of July contributed significantly to the ongoing correction in Ethereum as its price fell from $3516 high to $2815 registering a loss of 20%. The aforementioned level aligned closely with 50W EMA and 23.6% FIB creating a high area of interest for buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the last 48 hours, the Ether price jumped 8.76% to trade at $3071, while the market cap jumped to $370.2 Billion. Amid the broader market consolidation, the upswing can be attributed to the development of ETH ETF approval.<\/span><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/crypto-prices-today-july-9-btc-bounces-near-57k-propelling-crypto-market-rally\/\">Crypto Prices Today July 9: BTC Bounces Near $57K Propelling Crypto Market Rally<\/a><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">First S-1 just rolled in today from VanEck.. they already had their fee so nothing to see here really, they just putting ball back in SEC\u2019s court. Expecting the rest today except for Bitwise who did theirs last week. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/gF6OZTKIrs\">pic.twitter.com\/gF6OZTKIrs<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1810331280006861268?ref_src=twsrc%5Etfw\">July 8, 2024<\/a><\/p>\n<\/blockquote>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><span style=\"font-weight: 400;\">VanEck recently updated its S-1 registration statement for its forthcoming <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/trending\/how-will-amended-ethereum-etfs-s-1-shape-institutional-funds\/\">spot Ethereum ETF<\/a>, introducing only minor revisions concerning the custodial aspects of the fund. The filing occurred early on Monday, positioning.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, firms like 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale also submitted their filings later that same day. This collective movement among investment heavyweights suggests a growing institutional interest in cryptocurrency-based ETFs.\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">Market participants anticipate that trading for these Ethereum ETFs might commence in the second half of July.<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">If approved, the ETH price could sustain its recent reversal and rise 25% to downsloping resistance trendline around $3800.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1720532642\"\/><\/noscript><\/p>\n<p><span style=\"font-weight: 400;\">A bullish breakout from the overhead is crucial for ETH buyers to signal uptrend continuation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On a contrary note, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/ethereum\/\">Ethereum price<\/a> shows a double top formation in the daily chart. This reversal pattern keeps the possibility for extended correction intact.\u00a0 A potential breakdown from the $2815 will intensify the pressure and could plunge $2000.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Technical Indicator<\/span><\/h2>\n<ul>\n<li aria-level=\"1\"><b>EMAs: <\/b><span style=\"font-weight: 400;\">The crypto buyers could get a better confirmation of a bullish reversal if the price reclaimed immediate resistance of 200D <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/exponential-moving-average-how-to-leverage-it-in-crypto-market\/\">Exponential Moving Average<\/a> at $3080. The ETH coin current below indicates a net bearish sentiment.<\/span><\/li>\n<li aria-level=\"1\"><b>RSI: <\/b><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) reverted from the oversold region indicating the overextended selling has brought some cool-off in price for selling to regain strength.<\/span><\/li>\n<\/ul>\n<p><noscript><link rel=\"stylesheet\" id=\"quads-style-css-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/quick-adsense-reloaded\/includes\/gutenberg\/dist\/blocks.style.build.css?ver=2.0.82\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"dscf7-math-captcha-style-css\" href=\"https:\/\/coingape.com\/wp-content\/plugins\/ds-cf7-math-captcha\/assets\/css\/style.css?ver=6.5.3\" type=\"text\/css\" media=\"1\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"logdash-activity-log-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/plugins\/logdash-activity-log\/assets\/build\/index.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"parent-style-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/style.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"bootstrap-css-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/bootstrap.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link rel=\"stylesheet\" id=\"Carousel-css2-css\" href=\"https:\/\/coingape.com\/wp-content\/themes\/coingapev3\/css\/owl.carousel.min.css?ver=6.5.3\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"Carousel-css-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/css\/owl.theme.default.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-magazine-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/style.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"mh-font-awesome-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/mh-magazine\/includes\/font-awesome.min.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" id=\"tablepress-default-css\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/tablepress-combined.min.css?ver=1720532642\" type=\"text\/css\" media=\"all\"\/><link data-minify=\"1\" rel=\"stylesheet\" href=\"https:\/\/coingape.com\/wp-content\/cache\/min\/1\/wp-content\/themes\/coingapev3\/maincss.css?ver=1720532642\"\/><\/noscript><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.82 --><\/p>\n<section class=\"accordion-content mt-4\" id=\"faq\">\n<h2 class=\"mb-4 h3 fw7\">Frequently Asked Questions (FAQs)<\/h2>\n<div class=\"accordion-item\">\n<div class=\"faq-item-content\" style=\"\">\n<p>\n                            \tAn ETH ETF is a financial product that tracks the price of Ethereum and trades on traditional stock exchanges.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"accordion-item\">\n<div class=\"faq-item-content\" style=\"\">\n<p>\n                            \tThe 50-Week Exponential Moving Average (50W EMA) is a technical indicator that averages the closing prices of an asset over the past 50 weeks, giving more weight to recent prices.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"accordion-item\">\n<div class=\"faq-item-content\" style=\"\">\n<p>\n                            \tA double top formation is a bearish reversal chart pattern that indicates the potential end of a uptrend and the start of an downtrend.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p class=\"m-0\">Related Articles<\/p>\n<p>                                <!-- \n\n<div class=\"desktopPostEnd d-on\"><\/div>\n\n --><\/p>\n<div class=\"m-on mobiless\">\n<div id=\"social-section-new\">\n<p>\u2713 Share:<\/p>\n<p>                                  <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new wp_new\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/markets\/ethereum-price-analysis-warns-2500-pattern-emerges\/\" style=\"display: block\">  <i class=\"fa fa-whatsapp\"\/><\/a><\/p>\n<div>\n                                <a rel=\"nofollow noopener\" target=\"_blank\" class=\"social-text_new tw_new_logo\" href=\"https:\/\/twitter.com\/intent\/tweet?text=https:\/\/coingape.com\/markets\/ethereum-price-analysis-warns-2500-pattern-emerges\/\"><br \/>\n  <img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" class=\"mb-1\" alt=\"coingape\" width=\"30\" height=\"30\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"\/><noscript><img loading=\"lazy\" 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<\/div>\n\n\n                <\/div>\n\n\n        <\/div>\n\n                    --><\/p>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA206699\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD206699\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p><!-- \n\n<div class=\"container p-1 mb-3  mt-4 \">\n    \n    \n     \n\n<div class=\"Maintitle clgrn border-0\">\n               <span>Crypto Stories<\/span>\n                    \n                    \n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/\" class=\"viewAll p-0\">View all<\/a>\n                <\/div>\n\n\n     \n\n<div class=\"row mobileXS \">\n                     \n          \n\n<div class=\"item col-md-4\"> \n        \n\n<div class=\"Newseducation\">\n         \n\n<div class=\"Eduimg WduImg\">\n            <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/web-stories\/5-important-highlights-from-the-recent-fed-meeting\/?utm_source=post&utm_medium=web-story\">\n            \n\n<div class=\"edIm StoryWebimg\"><img loading=\"lazy\" width=\"640\" 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decoding=\"async\" srcset=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10.jpg 640w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-225x300.jpg 225w, https:\/\/coingape.com\/wp-content\/uploads\/2023\/01\/cropped-shutterstock_1958528764_10-150x200.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/div>\n\n\n                \n\n<div class=\"Educontent\">5 Reasons behind Mega Bank\u2019s 2024 Ethereum Price Prediction <\/div>\n\n\n            <\/a>\n            <\/div>\n\n\n        <\/div>\n\n\n        <\/div>\n\n\n          \n          \n  \n     \n                              \n          <\/div>\n\n\n    \n          \n \n    \n            \n    <\/div>\n\n        --><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The second-largest cryptocurrency Ethereum initiated July\u2019s second week on a bullish note. Following the recent market sell-off, the ETH price found suitable support at $2815\u2014 a multi-month horizontal level intact in February 2024. This support coincides closely with the 23.6% Fibonacci retracement creating a pivotal point for Ether to rebound or lead further correction. Will [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":336044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-340820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/340820","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=340820"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/340820\/revisions"}],"predecessor-version":[{"id":340824,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/340820\/revisions\/340824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/336044"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=340820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=340820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=340820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}