Ethereum

The post <a href="https://coinpedia.org/price-analysis/ethereum-sees-decline-in-whale-interest-amid-rising-bearish-threats-whats-next-for-eth-price/">Ethereum Sees Decline In Whale Interest Amid Rising Bearish Threats: What’s Next For ETH Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Ether price witnessed a severe drop a few days ago, currently failing to maintain a trading position around $3,300. Whenever <a href="https://markets.coinpedia.org/ethereum/">ETH</a> approached the $3,000 mark, buyers stepped in, defending the support. However, those short-term buyers then exit the market at a peak price. As a result, there’s a steep decline in whale interest, resulting in a decline in volatility for <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/">ETH price</a>. 
<h2 class="wp-block-heading" id="h-large-transaction-volume-declines-by-billions">Large Transaction Volume Declines By Billions</h2> 
According to CoinGlass liquidation data within the past 12 hours, positions worth $110 million have been liquidated. Notably, Ether and <a href="https://markets.coinpedia.org/bitcoin/">BTC</a> positions dominate, with <a href="https://coinpedia.org/price-analysis/hbars-blackrock-rollercoaster-100-surge-47-plunge-whats-next/">HBAR</a> also witnessing significant liquidations amounting to $7 million, attributed to the token’s surge in volume surpassing $1 billion. Additionally, there were $2.3 million in <a href="https://markets.coinpedia.org/pepe/">PEPE</a> liquidations. 
Last week, the market experienced a robust recovery following <a href="https://coinpedia.org/news/bitcoin-halving-2024-unveiling-the-impact-on-btc-price-and-crypto-market-dynamics/">Bitcoin’s halving</a> event, triggered by increased accumulation. However, with short-term holders beginning to sell, the market is currently correcting, and Ethereum’s price is facing a significant selloff at resistance levels. 
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Data from IntoTheBlock shows that the volume of large transactions involving Ethereum has declined over the past week, dropping from a high of $7.7 billion to $5 billion. This reduction suggests that the recent price drop has deterred major investors from purchasing Ethereum, leading to decreased volatility. In fact, Ethereum’s volatility has reduced from 62% at its peak to 53%. 
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However, the NVT ratio, which compares the network value to transaction volume, has fallen over the past 48 hours as Ethereum tried to break above $3,300. The faster rise in transaction volume compared to the network value led to a reduction in the NVT ratio toward 60, indicating that Ethereum might be undervalued. This could signal potential for a strong rebound in the coming days. 
Also Check Out : <a href="https://coinpedia.org/price-analysis/will-ethereum-based-tokens-rebound-as-top-altcoins-stumble-again/"></a><a href="https://coinpedia.org/price-analysis/ethereum-to-plunge-to-2500-this-month-whats-next-for-eth-and-ena/">Ethereum To Plunge To $2,500 This Month? What’s Next For ETH And ENA?</a> 
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price">What’s Next For ETH Price?</h2> 
Ethereum price surged toward the $3,300 mark; however, it faced intense selling pressure around the level, resulting in a minor correction. As a result, ETH price is currently dropping below immediate Fib levels, testing buyers’ patience at $3,100. As of writing, ETH price trades at $3,162, declining over 2.1% in the last 24 hours. 
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The 20-day EMA appears to be leveling off, and the Relative Strength Index (RSI) is declining below the midpoint, suggesting a rising bearish dominance. If Ether’s price declines from the 20-day EMA, it might fall to $3,056. This level is crucial for the bulls to hold; failing to do so could lead to a further drop to $2,850. 
Conversely, if Ether rebounds above the 20-day EMA, it could empower the buyers. The price could then ascend to the 50-day Simple Moving Average (SMA) at $3,586 and potentially reach $3,700. Surpassing this resistance would indicate that the downturn may have ended, sending the ETH price to consolidate around $4,000. 
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Currently, the long/short ratio for ETH price is surging, nearing the 1.32, suggesting rising bullish dominance. 
Read Also : <a href="https://coinpedia.org/price-analysis/bitcoin-ethereum-and-xrp-price-prediction-can-we-see-post-halving-rally-this-week/">Bitcoin, Ethereum and XRP Price Prediction:&nbsp; Can we See Post-Halving Rally This Week?</a>

Ethereum Sees Decline In Whale Interest Amid Rising Bearish Threats: What’s Next For ETH Price?

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