Ether (ETH) Approaching Major Support Level of $2,860
Ether (ETH) has been moving close to the major support level of $2,860, which has been tested multiple times since July 5th. The unsuccessful start of spot Ethereum ETFs has dampened expectations of a rise.
Deribit Insights on the Future of ETH
Deribit Insights released a report analyzing the future of ETH. According to the report, ETH is entering an accumulation zone after the approval of spot Ethereum ETFs and preparing for a rise.
Throughout the month of July, ETH has seen buying interest at support levels. Therefore, the $3,000 and $2,860 regions have remained strong. It is predicted that the high demand from buyers at support levels will push ETH towards $4,500.
ETH Gaining Strength with Spot Ethereum ETFs
The launch of spot Ethereum ETFs has put Ether (ETH) on the radar of institutional investors. Deribit claimed that the release of ETFs has unleashed institutional interest in ETH after the regulatory agency SEC gave the green light.
According to the report, ETFs are boosting market activity in ETH, leading to increased institutional interest.
The Impact of Corporate Demand on ETH Price
The surge in corporate demand for ETH has created sensitivity and initiated an accumulation phase. Specifically, corporate demand could create a supply shock in ETH. The release of Spot Bitcoin ETFs had created a supply shock in BTC and led to a price increase.
ETH Price Analysis
According to the chart, ETH is trying to maintain the $3,150 level. If this area is lost, a drop to $3,000 could follow. Losing the psychological support at $3,000 could bring back the $2,860 support level.
Analysts believe that the intensity of the decline in ETH is weakening and expect the price to turn around soon. Expectations are for ETH to reclaim $3,400 and test the $3,500 resistance level.
