Ethereum Price Exceeded $4,000 in July ???

ETH price is on the brink of the most important event regarding the integration of altcoins into traditional financial markets via the ETH spot ETF.

However, ETH price still failed to react as expected as it fell to its lowest in over a month at $3,250 on June 24. Although ETH regained the $3,400 support level the following day, Both onchain and derivatives indicators show limited upside potential for ETH ahead of the June candle close.

Analysts say the launch of the ETH ETF spot could be a factor in ETH's strong rebound in July even though the Ethereum network faces its own challenges, including relatively high gas fees. This issue partly explains why competing blockchains such as BNB Chain and Solana have attracted significant trading volumes.

Despite facing challenges, Ethereum remains the leader in Total Value Locked (TVL) and decentralized application volume. And my feeling is that the closing of this June candle will have a long red candle to start a new cycle next July.

Hopefully the bottom of the June candlestick is at $2.9xx to serve as a launching pad to surpass the $4,000 threshold in July 🚀

$ETH