Ethereum Brief Analysis: July 8, 2024
Ethereum (ETH) is currently consolidating around the $2,530 - $2,560 price range. The market is showing signs of tightening as it digests recent gains and awaits the official launch and subsequent inflows into the recently approved spot ETH ETFs. This anticipation is the primary narrative driving market sentiment.
Key Support: The immediate support zone to watch is $2,420 - $2,450. This area has recently acted as a floor, and a drop below it could signal short-term weakness.
Key Resistance: The primary resistance is the $2,630 - $2,650 level. A decisive break and hold above this zone would be a strong bullish signal, potentially triggering a rally fueled by ETF excitement.
The current play is to watch the range. Ethereum is coiling for its next move. A breakout above resistance suggests a potential rally towards $2,800+, while a failure to hold support could lead to a retest of lower levels around $2,300.