Ethereum Price Holds Steady at $3,802 Amid $2 Billion Open Interest Drop
Ethereum price remained stable at $3,802 on July 30, despite a market cooldown ahead of the US Federal Reserve's rate announcement. Key market metrics included:
- ETH Open Interest dropped by $2 billion to $54.1 billion
- Futures trading volume decreased by 32% to $84.7 billion
Three factors contributed to Ethereum's price stability:
- The Ethereum ecosystem marked its 10-year anniversary, boosting market sentiment.
- The US SEC approved in-kind redemptions for Bitcoin and Ethereum ETFs, facilitating institutional participation.
- Institutional demand is increasing, with BlackRock's iShares Ethereum ETF holding over 3 million ETH, equating to 2.5% of the total circulating supply.
These developments helped maintain Ethereum's price above $3,800 amid broader market consolidation.
Price Prediction
Ethereum trades at $3,802, close to resistance at $4,158. The Bollinger Bands indicate strong volatility. Key levels include:
- Resistance: $4,158
- Support: $3,518
- Downside risk below $3,750 toward $3,520
If ETH exceeds $4,158, a target of $4,500 may be possible. Traders are moving profits to secure non-custodial wallets as Ethereum approaches the $4,000 mark.