Ethereum Sees Possible Short-Term Pullback Amid Reduced Exchange Reserves and Continued ETF Demand
Main Idea
Ethereum's price has retraced slightly but remains significantly up over the past month, supported by reduced exchange reserves and strong ETF inflows, indicating sustained bullish sentiment despite short-term overbought conditions.
Key Points
1. Ethereum is trading at $3,786, down 3.7% from its recent peak of $3,933, but still up 56% over the last 30 days.
2. Exchange-held ETH reserves decreased by over 1 million ETH, signaling accumulation and reduced sell pressure.
3. Ethereum spot ETFs recorded net inflows of $65.14 million on July 28, with total July inflows surpassing $5.1 billion, reflecting strong institutional demand.
4. Technical indicators show Ethereum trading above key moving averages, but short-term indicators like the RSI at 74.6 suggest overbought conditions, hinting at possible consolidation.
5. Key support levels are at $3,680–$3,700, while resistance levels are at $3,960–$4,300, with potential for further gains if momentum improves.
Description
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