Why is ETH struggling near $2,400 as more companies add ETH to their coffers?
The price of ETH fell 3.3% on July 1 to $2,418.39, falling below the key support level of $2,460, and this decline occurred in the context of weakness in the overall crypto market.
According to data from CoinGecko, the total market capitalization has decreased by 4.1% in the last 24 hours, largely due to political uncertainty in the United States.
This has led to increased concerns among investors about monetary policy, energy markets and regulatory stability, which affect the prices of cryptocurrencies.
Meanwhile, some major companies have taken steps to increase their ETH investments. SharpLink Gaming bought an additional 9,468 ETH between June 23 and 27, worth about $22.8 million, and its Total ETH holdings have reached 198,167,
The company is viewing Ethereum as a strategic currency for the future digital economy,
Similarly, BitMine has also announced that it will make Ethereum the main currency of its treasury through a private placement of $250 million, and it will use it in staking and DeFi protocols,
However, according to technical analysis, the bearish trend in the price of Ethereum continues,
The failure of the price to regain the $2,430 level and the fall below the $2,460 support level is a sign that selling pressure is ongoing,
The decrease in volume and decreasing price levels during the price fluctuations throughout the day also indicate a bearish trend,
In such a situation, it is important for investors to adopt a cautious approach, although the increase in institutional investment indicates the long-term prospects of Ethereum,
The overall decline in the price of Ethereum The main reasons are political uncertainty, technical pressures, and broad market weakness, while increasing interest from institutional investors is a positive sign regarding its future value....
