Ethereum price holds near $2,980 with breakout hopes after bank-backed trading boost
Ethereum holds near $3,000 as bullish structure persists and banks embrace spot crypto trading
Ethereum price today is holding steady near $2,980, trading just below the psychological $3,000 threshold after facing minor rejection. On the daily chart, ETH continues to press against the upper boundary of a rising wedge, a structure often interpreted as a bearish reversal signal.
Highlights
- Ethereum trades near $2,980, holding above the 20-day EMA amid wedge resistance
- Derivatives show lower volume but stronger options flow and long bias across top traders
- Standard Chartered’s direct ETH spot trading launch may boost institutional confidence
However, the prevailing uptrend remains intact, with Ethereum comfortably above its major exponential moving averages.
ETH price dynamics (Source: TradingView)
The 20-day EMA sits at $2,733, acting as immediate dynamic support. RSI has risen to 69.79, indicating the rally may be nearing exhaustion, though not yet at reversal levels. A pullback to the $2,880–$2,930 range remains possible before any renewed upside.
Derivatives and on-chain flows show rotation, not retreat
Market data suggests Ethereum is entering a phase of consolidation rather than retreat. Trading volume and open interest dropped by -15.13% and -2.94%, respectively, while options volume climbed nearly 7% and options open interest rose by 5%. This points to a measured shift from speculative spot positioning toward more hedged strategies. Meanwhile, Binance's top trader long/short ratio remains elevated at 2.43, reflecting continued long bias. Total liquidations in the past 24 hours reached $97 million, with short liquidations accounting for over $15 million, suggesting price pressure is still upward.
On-chain netflows for ETH flipped mildly positive, with $473K in spot inflows recorded on July 15. This hints at a pause in profit-taking activity and supports the notion that buyers are still active. As long as Ethereum defends the $2,730 support zone and maintains strength above the 20 and 50 EMAs, a breakout beyond $3,000 could drive price action toward the $3,150–$3,200 region.
Standard Chartered’s crypto move adds institutional tailwind
In a significant industry development, Standard Chartered has launched direct spot trading for Bitcoin and Ethereum through its U.K. branch. This makes it the first systemically important global bank to offer such services. The platform, managed by Zodia Markets, enables institutional clients to execute real-asset transactions within regulatory frameworks. The move is expected to attract institutional inflows and deepen liquidity in BTC and ETH markets. Combined with Ethereum’s bullish structure and positive netflows, this initiative may reinforce ETH’s long-term upside bias.
In earlier analysis, Ethereum’s reclaim of the $2,970–$3,000 zone was seen as pivotal. Price has since stabilized near this level, maintaining bullish structure. Unless price slips below $2,730, bulls may continue targeting higher levels, particularly with institutional tailwinds strengthening.
