Ethereum

Bitcoin

Arkham

<ul> 
 <li><strong>Amid the recent bull run, the price of ETH surged all the way to the $1740 level.</strong></li> 
 <li><strong>The price will likely decline if it breaks the $1695 short-term support.</strong></li> 
</ul> 
<p><a href="https://thenewscrypto.com/bitcoin-price-consolidates-post-recent-surge-rally-to-continue/" target="_blank" rel="noreferrer noopener">Bitcoin</a> formerly had the highest number of long-term investors. However, a new infographic by IntoTheBlock claims that Ethereum has flipped BTC by a difference of nearly 40 million. Both of them had improvements in this statistic when comparing results from the previous year to the present, but Ethereum leads with a 44.2% YoY rise.</p> 
<p>When it comes to <a href="https://thenewscrypto.com/will-ethereum-cross-2k-amidst-positive-momentum/" target="_blank" rel="noreferrer noopener">Ethereum</a> (ETH) holdings, a digital wallet affiliated with Robinhood is the fifth largest. The on-chain analytics company Arkham Intelligence estimates that Robinhood holds 1.72 million ETH, which is worth approx. $2.93 billion.</p> 
<h3 class="wp-block-heading" id="h-consolidation-phase">Consolidation Phase</h3> 
<p>Amid the recent bull run, the price of ETH surged all the way to the $1740 level. However, it could not maintain the momentum and retracted to the $1700 level. Moreover, the price has been consolidating ever since and is eyeing for a breakout. Traders need confirmation of a clear breakout in either direction in order to gauge the trend.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-3.png" alt="" class="wp-image-81486" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-3.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-3-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-3-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>According to CMC, the price of ETH at the time of writing is $1704 and is up 1.84% in the last 24 hours. If the price wants to start a fresh rally then it needs to break the $1740 barrier. Post which it will likely test the $1800 zone.</p> 
<p>On the other hand, the price will likely decline if it breaks the $1695 short-term support. Moreover, the price will then likely test the $1640 level. Investors are closely watching the upcoming core PCE inflation and employment data this week. Both of which has the potential to significantly affect the crypto market.</p>

Ethereum Price Consolidates Around $1700; Traders Await Breakout

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