Main Points:
- Ethereum faces resistance at $3,500 price level
- 3.13 million ETH addresses bought at $3,547, creating selling pressure
- 84% of ETH holders are profitable
- Spot ETH ETF debut awaited, potential launch on July 23
- Bullish patterns suggest ETH may target $4,000 and $4,300
Ethereum Faces Resistance at $3,500
Ethereum is encountering significant resistance at the $3,500 price level, with 3.13 million ETH addresses purchasing coins at an average price of $3,547. This accumulation has created a supply wall that is hindering Ethereum’s breakthrough at this key level.
Positive Outlook for Spot ETH ETFs
Despite the current struggle at $3,500, the market is optimistic about the potential launch of spot ETH ETFs. The awaited debut, scheduled for this week, has generated bullish sentiment as experts anticipate a positive impact on the Ethereum price.
Bullish Patterns and Price Targets
Analysts have identified macro bull flag and inverse head-and-shoulder patterns, indicating a trend continuation and a potential price target of $4,000 and $4,300, respectively. These technical indicators suggest bullish momentum for Ethereum in the short term.
