The biggest gain was +56.62% in 2022, while the largest drop was -27.29% in 2017. On average, July has a positive return of +6.95%, though the median return is -4.41%, indicating mixed performance. The Ethereum’s Fear and Greed Index at 44% accentuates a neutral to bearish sentiment among market participants.

The intraday trading volume in Ether is $6.95 Billion, indicating a 38% gain. June Month was notably bearish for the cryptocurrency market with many assets revisiting their monthly support. Amid the market sell-off, the Ethereum price plunged from a high of $3887 to a low of $3232 registering a loss of 16.9%. However, the downfall lies within the healthy retracement of Fibonacci tools indicating a strong could allow ETH bulls to counterattack.

The near-term trend in Ethereum price is sideways evidenced by a new lower high formation at $3975 in late May. This reversal indicates the overhead supply is high from market sellers and ETH buyers would need time to recuperate its momentum. Connecting the overhead peaks with a trendline reveals a potential triangle formation as the altcoin has also received dynamic support from an ascending trendline since October 2023.

The Ethereum price currently trades at $3389 and holds a market cap of $407.3 Billion. If the supply pressure persists, the coin price could plunge another 5% to seek support at the long-coming trendline. The renewed buying pressure from the trendline could uplift the asset by 14-15% and challenge the triangle’s upper boundary at $3860. A bullish breakout from the triangle pattern will signal a better confirmation of uptrend continuation.

In a recent tweet, the prominent crypto analytics firm IntoTheBlock revealed a striking statistic: 78% of Ether is currently held by long-term holders. Despite the volatility in Ethereum’s price, the proportion of ETH held by long-term investors has steadily increased, indicating a strong belief in the asset’s future value.

However, with the ongoing development around U.S-listed Ethereum ETFs, anticipated to launch around mid-July, the odds strongly lean on buyers’ favor. An upswing in the lower boundary of the Bollinger Band indicator losing bearish momentum and additional support for buyers to rebound. A negative crossover between the MACD and signal line highlights the near-term trend is intact and bearish.