Is Ethereum (ETH) on the Verge of a Price Correction?

• Ethereum is trading at $3.4K, up by 4.87% over the past week.
• The largest altcoin’s daily trading volume is up by 51.96% in 24 hours.

The crypto market is slightly recovering from the bearish momentum, and Ethereum (ETH), the largest-capped altcoin has increased by 2.75% in the last 24 hours, with the price at $3,477.

Amid the market fluctuations, an Ethereum whale transferred 7,000 ETH valued at $24.28 million, to the crypto exchange Kraken after 209 days of inactivity. The whale participated in the Ethereum Initial Coin Offering (ICO) in 2015. Despite the transfer, the whale still holds 40,000 ETH, worth $139.5 million.

According to Arkham Intelligence data, the U.S. government transferred 3,375 Ethereum, three hours ago, valued at approximately $11.75 million. The total holdings of the U.S. government are 50.524K ETH, worth $175 million.

The transfer was followed by the Spot Ether ETF S-1 filings. Meanwhile, the U.S. SEC has returned the S-1 forms for further review and amendment before the approval process and suggested refiling by July 8.

Can ETH Break the Upcoming Resistance?

Over the past week, ETH was up by 4.87%. However, in the last month, it has seen an 8.41% decline. The daily relative strength index (RSI) stays in the 48.74 range, indicating the asset is approaching the neutral zone.

ETH price chart (Source: TradingView)

Analyzing the 24-hour price chart, if there is a recovery wave, the price could face a key resistance in the $3,695 range. If the bullish trend persists, the next major resistance level to be found is between $3,730 – $3,796. Furthermore, the higher target might be at the $4K range.

Conversely, if Ethereum’s price fails to climb above the resistance zone, it may drop to immediate support near the $3,338 level. The second subsequent support may seemingly be found at $3.284. Any more losses might send the price toward the $3,247 support zone.

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