Ethereum (ETH) at a Major Inflection Point Amid ETF Approval

Volatile Market Action:
The crypto market's volatile price action continued last week, with much of the previous week’s gains being retraced.

Focus on Ethereum:
This week, Ethereum ETH is at a major inflection point given the approval of ETFs by the SEC.

Trend-Following Concerns:
From a pure trend-following standpoint, a potential lower-high was completed last week. Following the low from July 5, which exceeded the low from May, this could indicate a short-term downtrend for Ethereum.

Key Support Levels:

Support: $2,900-$3,100
Ethereum is still given the benefit of the doubt as long as prices hold above this support range.
If this support holds, Ethereum could be considered in a broader consolidation within the broadening wedge formation.
Maintaining this support is crucial to avoid further downside.
Key Resistance Levels:

Resistance: $3,400-$3,600
For Ethereum to look bullish again, it needs to clear this resistance range.
Breaking through this resistance would negate the bearish scenario and potentially set the stage for a bullish run, bolstered by the positive sentiment from the ETF approval.
Stay informed and monitor these key levels as Ethereum navigates this critical period! ⚠️📈

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