This week has been a rollercoaster for Ethereum. On June 23, ETH dropped over 15% to nearly $2,100 but later rebounded to around $2,440.
Currently, Ethereum is trading between the key support and resistance levels of $2,330 and $2,455. A breakout above this range could propel prices toward $2,585 and even $2,785.
However, technical indicators suggest slight bearish sentiment. TradingView data shows 9 out of 15 moving averages signaling "Sell," while 8 out of 11 oscillators remain neutral.
Buterin’s Activity Fuels Institutional Interest
On the bright side, Vitalik Buterin’s increased public engagements have bolstered market optimism. His recent restructuring of the Ethereum Foundation and the proposed "10x scaling" roadmap for Ethereum’s Layer-1 have been well-received for their balanced approach—especially compared to researcher Dankrad Feist’s more aggressive 100x scaling proposal.
As a result, institutional interest in Ethereum is growing.
ETF Delay Sparks Cautious Optimism
Analyst Ted predicts ETH could surpass $10,000 long-term. Trader NYAPPY notes an inverted head-and-shoulders pattern on the hourly chart. A successful retest of $2,425 could pave the way for a gradual rise to $2,720.
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However, delayed approval for the first Ethereum staking ETF by REX Shares and Osprey Funds has tempered enthusiasm.
Looking ahead, Ethereum may reach above $2,600 by early July—though macroeconomic headwinds like U.S. jobs data or higher CPI inflation could stall momentum.
FAQ Section
1. What’s driving Ethereum’s price volatility?
Market sentiment shifts around ETF approvals, CPI data, and technical breakouts contribute to ETH’s price swings.
2. How does Vitalik Buterin influence Ethereum’s price?
His public engagements and scalable roadmap proposals enhance investor confidence and institutional interest.
3. What key levels should traders watch?
Critical zones are $2,330 (support) and $2,455 (resistance). A breakout could target $2,785.
4. Why is the Ethereum ETF delay significant?
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Delays slow institutional adoption, but long-term prospects remain strong.
5. Can macroeconomic data impact ETH’s rally?
Yes—events like CPI releases or Fed policy shifts often trigger short-term volatility.
6. Is a $10,000 ETH price feasible?
Analysts argue scalability upgrades and institutional demand could drive multi-year growth.