$ETH is consolidating around **$3,400**, facing strong resistance near $3,600. The recent market-wide dip pulled it from its $3,700+ weekly high, but fundamentals remain robust.
Key Drivers:
1. ETF Catalysts: All eyes are on the final deadline for the first spot ETH ETFs (VanEck, Aug 7th). While launch is pending S-1 approvals, this overhang is a major focus.
2. Network Activity: Fee revenue remains low, indicating subdued DeFi/NFT activity. However, this underscores the urgency for EIP-4844 (Proto-Danksharding) implementation to reduce L2 costs.
3. Staking Dynamics: The 32.6% of ETH staked (over 39M ETH) continues to act as a long-term supply lock, reducing sell-side pressure.
Technical Outlook:
Immediate support lies at$3,300**, then the crucial 200-day MA near **$3,150. A break above **$3,600** is needed to target the $3,800 zone. Momentum (RSI) is neutral, suggesting consolidation.
Verdict: Cautiously bullish. ETH is in a holding pattern, driven more by macro sentiment and ETF news than on-chain momentum. A break below $3,150 would signal a deeper correction, while sustained time above $3,600 could spark the next leg up.
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