Ethereum price is trading above $1,500 for the sixth successive day, raising hope that it could reverse a substantial part of the 50% decline registered year-to-date. The coin trades at $1,634 as of this writing, with its daily gains at 0.65%. It has risen by 5.29% in the last week, underlining bullish hold of the market.
Also, ETH has seen its DeFi Total Value Locked (TVL) rise by 3.36% in the last seven days to hit $55.265 billion as per DeFiLlama data. That shows rising utility for the coin, which will increase demand and provide tailwinds for the price. However, Ethereum’s trading volume has declined by 22% in the last 24 hours, indicating reduced buying momentum. That will likely subdue gains by ETH in the near term.
Elsewhere, the Securities and Exchange Commission (SEC) has has delayed approval of staking for Grayscale spot Ethereum ETF. That has taken a significant momentum away from Ethereum. In addition, Ethereum spot ETF is yet to report inflows despite the newfound upside price momentum.
Monday’s trading session saw Ethereum spot ETFs report 3,760 ETH tokens sold, translating to $6 million worth of net outflows. That signals prevalence of doubt among institutional investors, and a continuation of that trend could add downward pressure on Ethereum price.
Ethereum Price Prediction
Ethereum price pivots at $1,624 and the momentum favours the upside to prevail. ETH price will likely meet the first resistance at $1,655, but a stronger momentum will break above that level and test $1,678.
On the other hand, breaking below $1,624 will shift the momentum to the downside. In that case, the first support will likely be at $1,600. Breaking below that level will nullify the upside narrative. Also, an extended control by the sellers could take the price action lower to find the second support $1,575.
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