Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-price-sparks-new-peak-hopes-with-recent-recovery/" data-wpel-link="internal">Ethereum Price Sparks New Peak Hopes with Recent Recovery</a><br></p>
<p style="text-align: justify">The price of <strong><a href="https://coin-turk.com/ethereum-btc-gibi-kurumsal-yatirim-araci-olamaz-mi" data-wpel-link="internal">Ethereum</a> (<a href="https://en.coin-turk.com/whales-now-hold-62-76-million-eth-in-ethereum/" data-wpel-link="internal">ETH</a>)</strong>, a leading smart contract platform, has recovered from its weekly low of $3,100, rekindling hopes for a new peak for the altcoin. However, the tendency of ETH investors to take profits could disrupt this process.</p> 
<h2 id="critical-transfers-in-ethereum">Critical Transfers in Ethereum</h2> 
<p style="text-align: justify">At the time of writing, <a href="https://en.coin-turk.com/ethereum-wallets-accumulate-eth-as-on-chain-metrics-support-price-development/" data-wpel-link="internal">Ethereum</a>‘s price has risen to $3,642, encouraging investor re-engagement with the network. However, their actions may not align with expectations. Transferring <strong>ETH</strong> from one address to another could indicate that the current price is higher than the last transaction price. This situation could signal that the supply of such addresses is profitable, potentially prompting other investors to do the same. It may also be an indicator of a potential profit booking that could accelerate sales among ETH holders.</p> 
<p style="text-align: justify">Investors are transferring their <strong>tokens</strong> to exchange wallets, putting the price of ETH at high risk of decline. The net position change shows that approximately 374,130 ETH, valued at over $1.36 billion, has been sold in the last ten days. In just the last 24 hours, investors have sold over 52,030 ETH, worth $190 million.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-333625 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/eth-1.webp" alt="" width="850" height="288"></p> 
<h2 id="critical-price-movement-in-ethereum">Critical Price Movement in Ethereum</h2> 
<p style="text-align: justify">Therefore, as profits increase, so do sales, which could halt the rally soon. <strong>Ethereum</strong> has managed to reclaim its 50 and 100-day exponential moving averages (EMA). However, considering the profit-taking actions, ETH could find support at $3,336, which corresponds to the 100-day EMA.</p> 
<p style="text-align: justify">If the mentioned support level is lost, the next potential support base will be $3,031, which coincides with the 23.6% Fibonacci retracement from $4,626 to $2,539. On the other hand, ETH has already reversed the 50% Fibonacci retracement. If it sees further growth and turns the 61.8% Fib line into support, it could invalidate the bearish thesis. This is because the latter is seen as a bullish run support base and tends to reignite the rally. Marked at the $3,830 level, ETH could rise even higher from there.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-price-sparks-new-peak-hopes-with-recent-recovery/" data-wpel-link="internal">Ethereum Price Sparks New Peak Hopes with Recent Recovery</a></h5>

Ethereum Price Sparks New Peak Hopes with Recent Recovery

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