- Ethereum price is under pressure as retail-led profit booking outweighs the sentiment created by institutional spot ETF purchases.
Ethereum price printed red for the second successive day on Tuesday, mirroring the broader crypto market. The coin traded at $2,425 and was down by 2.4% at the time of writing, with the absence of fresh catalysts driving traders to take profits after a strong performance by the crypto in June. Nonetheless, institution-led ETF inflows remain strong, providing support for ETH prices. According to Coinglass data, Ethereum spot ETFs recorded net gains in four of the last five trading sessions, with Monday’s session having $31.80 million.
Meanwhile, BitMine Immersion Technologies raised $250 million to establish its Ethereum treasury, adding weight to positive institutional posture. However, that has not created a momentum strong enough to offset the downward pressure created by retail-led selloff. Notably, Q3 has traditionally been the weakest quarter for cryptocurrencies, and this could be the beginning of a steeper decline for Ethereum prices if the trend continues.
According to IntoTheBlock, whale transactions (transactions worth $100,or more) more than doubled in the last three days, from 2,255 on June 28th to 5,203 on June 3, and a continuation of that trend could have a significant sway on the ETH price trajectory. Furthermore, the value of ETH’s open interest contracts rose marginally by 0.63% in the last 24 hours to stand at $14. 9 billion. That provides support for the coin and will limit near-term decline.
Ethereum Price Prediction
Ethereum price pivots at $2,450 and action below that level signals control by the sellers. The coin will likely find initial support at $2,390. Breaking below that level will signal a stronger momentum that could clear the path to test $2,350.
On the other hand, going above $2,450 will trigger a shift in the momentum towards the upside. With the buyers in control, the coin will likely meet the first resistance at $2,488. Breaking above that level will invalidate the downside narrative. Also, an extended control by the buyers could send the ETHUSD pair higher to test $2,530.
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