Tether Surpasses Ethereum in Market Capitalization
- Ethereum Price Plunge: Ethereum faced persistent selling pressure in June, causing its price to drop from over $2,000 to approximately $1,557, representing a significant 23.5% monthly decline and a 6.7% drop in the past week, severely impacting its market position.
- Tether Market Cap Surpasses: Tether's market capitalization has risen to $186.06 billion, surpassing Ethereum's $185.66 billion for the first time, marking a significant shift in market dynamics that could affect investor confidence in Ethereum.
- Investor Sentiment Deteriorates: Data indicates that large holders with over 100,000 ETH are experiencing unprecedented unrealized losses, reminiscent of market conditions last seen in 2019, suggesting that the market may be nearing a bottom and investor sentiment is low.
- ETF Outflows Intensify: Ethereum spot ETFs have seen net outflows for the seventh consecutive week, with the current week's outflow potentially being the most severe since January, while the $30 million annual funding needed for core development raises concerns about sustainability, necessitating new institutional participation to bridge the gap.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1254.621 | 1383.31 | 1522.521 | 1651.21 | 1790.421 | 1919.11 | 2058.321 |
| Fibonacci | 1383.31 | 1485.648 | 1548.873 | 1651.21 | 1753.548 | 1816.773 | 1919.11 |
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