Ethereum Price Surges to $2,700 Amidst Key Resistance Challenges
Ethereum's price is showing strength, reaching resistance at $2,700 after a 50% increase in 15 days. It faces significant resistance and needs to break through this level with strong trading volumes to confirm the uptrend.
Key points regarding Ethereum (ETH):
- The "Active Realized Price" of $2,900 must be surpassed for a sustained rally toward all-time highs.
- On-chain metrics indicate bullish momentum, as ETH surpassed its Realized Price of $1,900 in May, signaling profitability for average holders.
- Current price is above the True Market Mean of $2,400, seen as a positive sign.
- As of now, ETH is down 2.5%, slipping below $2,600 with a 25% drop in daily trading volumes due to market pressure from geopolitical factors.
- Support level identified at $2,370, which may allow for further upward movement.
Ethereum ETF Inflows
Spot Ethereum ETF inflows have increased, totaling $110 million recently. Major contributions came from:
- Grayscale’s ETHE: $43.7 million
- Fidelity’s FETH: $42.2 million
- Grayscale mini-Ether ETF: $18.7 million
The SEC has postponed its decision on 21Shares' proposal to include staking services in its spot Ethereum ETF, indicating ongoing regulatory scrutiny.