BIT Official: Ethereum is currently trying to form a double-bottom pattern

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Golden Finance reported that on July 15, BIT Official published a daily chart analysis saying that Ethereum is attempting to form a double-bottom pattern, providing traders with a relatively clear technical support level. Although the fundamentals and market structure still suggest investors should remain cautious, as long as Ethereum holds its recent lows, this pattern implies an improvement in the technical outlook.
Meanwhile, inflation data that came in below expectations has also improved the macro environment for risk assets. After recording net outflows for eight consecutive months, Ethereum ETFs may turn to net inflows for the first time this month, which could provide some boost to institutional demand, even if the improvement may still be limited.
ETH4.97%
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