All eyes turned to Ethereum! Will Ethereum Price Rise?

The number of new Ethereum addresses staking Ethereum continues to increase, and the amount of ETH staked has increased since April. This trend started to change after the first week of June, possibly due to regulatory concerns after the SEC filed suit.
Despite the bearish news earlier this month, ETH's price action is bullish on the 4-hour price chart. A break above the recent low of $1778 indicated that the strength is shifting towards buyers.
The 4-hour market structure turned bullish after breaking the $1778 level. This move represented a bullish market structure breakout, but the trend was not looking in favor of the buyers yet. ETH bulls should hit a higher low and high but not even a pullback has been seen yet.
The RSI is in the overbought zone to show strong bullish momentum, while the OBV has managed to retrace some of the last two weeks' losses. Still, while the 4-hour price chart showed bullish signs, the daily time frame offered evidence to the contrary.
A break below $1,785 in mid-May indicated that the higher timeframe trend has turned bearish. A recent drop below $1,686 (white) indicated that Ethereum is starting to enter a bearish trend on the daily chart. To invalidate this idea, Ethereum needs to exceed $114. The Fibonacci retracement levels indicated that $1804 and $1852 could also be key levels where a reversal or continuation could occur.
Ethereum Price Chart and Open Interest
Spot CVD has started to rise gradually since June 11, but these gains were very small compared to the decline in early June. Even more worrying for the bulls is the lack of a strong rise in Open Rate despite rising prices.
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