Ethereum (ETH) Price Prediction For July 16

Key Points

1. Ethereum's price is currently around $2,989, having briefly touched $3,082 earlier in the week, with technical indicators like MACD and Bollinger Bands suggesting bullish control.

2. Bit Digital's $67.3 million share offering to expand its ETH treasury, converting its Bitcoin holdings to Ether, has fueled institutional interest and contributed to the price surge.

3. On-chain derivatives data shows a rise in open interest to $44.09 billion and a 94.5% spike in options volume to $2.29 billion, with a Binance ETH/USDT long/short ratio over 2.4 indicating dominant long positioning.

4. Technical analysis suggests potential short-term volatility, with support at $2,933–$2,960 and resistance at $3,050, with a breakout above $3,050 possibly leading to a move toward $3,256.

5. If the $2,930 support level is lost, Ethereum's price could slide back to $2,800, where previous breakout zones and ascending trends remain intact.