Ethereum broke the $3K resistance to reach $3.2K in the last 24 hours, with its daily trading volume increasing by 8.77%. The global crypto market has been experiencing a bearish trend, with almost $151.5 million liquidated from the market in the past day. Ethereum’s liquidations surpassed Bitcoin’s during this time, with $49.78 million recorded for ETH compared to $39.7 million for BTC. Despite briefly rallying to $3.2K, Ethereum fell back to the $3K zone and currently sits at $3,058, with a 8.77% increase in daily trading volume.
Several large Ethereum whale movements have been observed on Coinbase, with three anonymous whales moving 37,865 ETH ($116M) to the exchange. Another transfer of 7,170 ETH ($22M) from Coinbase Institutional to an unknown wallet was reported within the last 24 hours. The community is anticipating the launch of spot Ethereum exchange-traded funds (ETFs) which could potentially lead to significant price movements for ETH.
On the 24-hour price chart, Ethereum is currently in a bearish trend with the short-term 9-day moving average above the current price action. The daily relative strength index (RSI) at 37.60 indicates an oversold condition for the asset. Despite a 4.57% increase over the past week, Ethereum is down by nearly 13% from its monthly high of $3,648. If a bullish reversal occurs and Ethereum surpasses the $3.2K range, it may face resistance at $3,363 and potentially reach $3,596. However, if the bearish trend continues, ETH may drop to $2,887 with support at $2,730.
Overall, Ethereum has shown volatility in its price movements in the past 24 hours, breaking the $3K barrier to reach $3.2K before falling back. With increased daily trading volume and significant whale movements, the market is closely watching for potential price movements in the coming days. The launch of spot Ethereum ETFs could further impact the price of ETH, leading to either an uptrend or downtrend depending on market conditions. Traders and investors will need to closely monitor the market to capitalize on potential opportunities amidst the ongoing volatility in the crypto market.
