• Ethereum is struggling to defeat the bears and is traded in the range of $3K. 
  • The Ethereum ETF approval is expected by July 18.
  • Ahead of this, a whale withdrew 16,449 ETH from Binance.

The crypto market is struggling to recover from the bear-hold to the potent bull momentum. Ethereum (ETH), the largest-capped altcoin, marks the slightest revival above $3K with a gentle spike of 1.52% in the last 24 hours. The highest ETH price marked was $3,127, and the lowest was $3,025. 

Notably, Ethereum bulls and bears are feuding to break the price above the $3K range to set a new high of $3.5K. At the time of writing, ETH traded at $3,121. After a considerable decline of 28.81%, the daily trading volume was $14.94 billion, according to CMC . In the last 24 hours, nearly $29.7 million worth of ETH liquidated from exchanges.  

Amid the market fluctuations and ahead of the spot Ethereum ETF approval, an Ethereum whale withdrew 16,449 ETH valued at $50.3 million from Binance around 13 hours ago, as per the data from SpotOnChain . Notably, this is the whale’s first major accumulation of ETH. All the withdrawn Ethereum has been transferred to a new wallet.

Meanwhile, spot ETH ETF issuers have submitted the amended S-1 registration statements to the Securities and Exchange Commission (SEC). Thus, approval is expected on July 18.  

Can the ETH Bulls Reach $3.5K Soon?

ETH was down by 7.15% over the past week, hitting a monthly low of $2,850. By evaluating the 24-hour price chart, the daily relative strength index (RSI) stands at 39.45, which hints at the asset’s nearly oversold condition. The short-term 9-day moving average (9MA) of $3,120 is below the 21-day moving average (21MA) and both the MAs hover above the current price action, indicating a bearish trend. 

What’s Ahead for ETH with Spot Ethereum ETF on the Agenda? image 0 What’s Ahead for ETH with Spot Ethereum ETF on the Agenda? image 1 ETH Price Chart (Source: TradingView)

If the ETH revival strengthens, the price might test its initial resistance in the $3,391 range. The next key resistance levels will be between $3,487 and $3,692. On the other hand, if the ETH fails to maintain its price momentum, it may fall to immediate support near the $2,875 level. Further support might be in the $2,710 range.

Highlighted Crypto News of the Day

Can Bitcoin Reach $60K Amid This Brief Rally?