Ethereum

Spot

<img decoding="async" width="1200" height="789" src="https://coingape.com/wp-content/uploads/2024/03/ethereum-new_11zon-e1713515823217.jpg" class="attachment-full size-full wp-post-image" alt="Ethereum price Spot Ethereum ETF approval" style="float:right; margin:0 0 10px 10px;">
Despite the recent regulatory nod for the <a href="https://coingape.com/us-sec-approves-8-spot-ethereum-etf/" target="_blank" rel="noopener">Spot Ethereum ETF</a> by the U.S. Securities and Exchange Commission (SEC),&nbsp;Ethereum’s&nbsp;price has dipped. Notably, the recent drop in price reflects that the investors are taking a cautious approach before putting their bets.&nbsp;However, amid this, a prominent crypto analyst has outlined several factors that could influence&nbsp;Ethereum’s&nbsp;performance in the coming days, predicting a potential dip to around $3.4K. 
<h2 id="span-data-preserver-spaces-true-analyst-unveils-potential-eth-movements-span">Analyst Unveils Potential ETH Movements</h2> 
Prominent crypto market&nbsp;expert,&nbsp;Ali&nbsp;Martinez,&nbsp;recently examined&nbsp;<a href="https://coingape.com/eth-price-struggles-to-rally-even-after-ethereum-etf-approval-sell-the-news-soon/" target="_blank" rel="noopener">Ethereum’s</a><a href="https://coingape.com/eth-price-struggles-to-rally-even-after-ethereum-etf-approval-sell-the-news-soon/">&nbsp;market</a> movements and provided some insights. He noted that substantial transfers of ETH to exchanges are raising eyebrows. This activity has spurred speculation about potential profit-taking, portfolio rebalancing, or mere market speculation. 
Besides, adding to the concern, Ethereum co-founder Jeffrey Wilke recently transferred 10,000 ETH, worth approximately $37.38 million, to the Kraken exchange. This significant transfer could indicate a potential sell-off,&nbsp;which might trigger&nbsp;price volatility.&nbsp; 
According to Spot On Chain data,&nbsp;Wilke’s&nbsp;move is part of a broader trend where over 242,000 <a href="https://coingape.com/ethereum-whales-have-yet-to-participate-in-eth-price-rally-further-upside-possible/" target="_blank" rel="noopener">ETH</a> have&nbsp;been transferred&nbsp;to exchange wallets in the past two weeks.&nbsp;Notably, it also adds to the spike in Ethereum trading activity&nbsp;in recent days. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="" src="https://pbs.twimg.com/media/GOVBeEaWwAA6OTQ?format=jpg&amp;name=large" alt="Ethereum Exchange Balance" width="755" height="425">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez, X
 </figcaption>
</figure> 
Meanwhile, Martinez also pointed out that the TD Sequential indicator is flashing a sell signal on&nbsp;Ethereum’s&nbsp;daily chart. This indicator, known for predicting market trends, suggests that ETH might face selling pressure.&nbsp;He said&nbsp;that&nbsp;the green nine candlestick on the daily chart could lead to a price retracement or&nbsp;even&nbsp;a new downward phase before any potential uptrend resumes. 
Also Read: <a href="https://coingape.com/ethereum-beta-ondo-price-touches-new-all-time-high-whats-cooking/" target="_blank" rel="noopener">Ethereum-beta Ondo Finance (ONDO) Price Touches New All-Time High, What’s Cooking?</a> 
<h2 id="span-data-preserver-spaces-true-key-ethereum-price-levels-span">Key Ethereum Price Levels</h2> 
According to IntoTheBlock data,&nbsp;a significant number of&nbsp;Ethereum addresses could provide crucial support if the price dips further. Around 1.81 million addresses bought about 1.66 million ETH between $3,820 and $3,700.&nbsp; 
The analyst suggests&nbsp;that this&nbsp;range could act as a buffer against increasing selling pressure. However, if&nbsp;Ethereum’s&nbsp;price falls below this zone, the next support level lies between $3,580 and $3,462. Notably, in this range,&nbsp;3.13 million addresses were acquired&nbsp;over 1.50 million ETH. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GOVCQk3WUAAFCFh?format=jpg&amp;name=4096x4096" alt="Ethereum Holdings" width="755" height="263">
 <figcaption class="wp-caption-text">
 Source: Ali Martinez, X
 </figcaption>
</figure> 
On the other hand, the critical resistance barrier for Ethereum stands between $3,940 and $4,054. More than 1.16 million addresses previously purchased around 574,660 ETH in this range. If Ethereum can surpass this resistance and close above $4,170, it could invalidate the bearish outlook and potentially initiate a new upward trend toward $5,000. 
Meanwhile,&nbsp;according to&nbsp;market experts,&nbsp;the Ether ETF could propel an Ethereum price rally in the long run, as seen in the <a href="https://coingape.com/bitcoin-news-maxi-deems-ethereum-etf-incredibly-bullish-for-btc-heres-why/" target="_blank" rel="noopener">Bitcoin</a> performance after the U.S. Spot Bitcoin ETF approval.&nbsp;However, despite this, the pundits have warned about potential volatility in the short-term, where several investors might book profit given the recent surge in ETH price. 
As of writing, <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum price</a> slipped about 4.5% and exchanged hands at $3,659.16, with its trading volume soaring 93.23% to $47.91 billion. Over the last 30 days, the second-largest crypto by market cap saw a high of $3,943.55 and a low of $2,815.92. Notably, the Ethereum Open Interest slumped 5.90% to $15.33 billion amid the price dip, CoinGlass data showed. 
Also Read: <a href="https://coingape.com/dogecoin-community-mourns-as-iconic-dog-kabosu-passes-away-at-17/" target="_blank" rel="noopener">Dogecoin Community Mourns As Iconic Dog ‘Kabosu’ Passes Away At 17</a> 
The post <a href="https://coingape.com/ethereum-price-risks-falling-3-4k-despite-etf-optimism-here-why/">Ethereum Price Risks Of Falling To $3.4K Despite ETF Optimism,&nbsp;Here’s&nbsp;Why</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Risks Of Falling To $3.4K Despite ETF Optimism, Here’s Why

Table of Contents

Coingape News Media

Other articles published on May 24, 2024

Bitcoin Message From Michael Saylor After Ethereum ETF Approval: 'Bitcoin Will Be Crushed!'

Battle Of Networks? Algorand Pokes Fun At Bitcoin, Ethereum, And Solana In New Ad

Man behind AI-generated fake Biden robocalls is indicted

Bitcoin (BTC) Targets $74K, Ethereum (ETH) Rally Continues, and Furrever Token (FURR) Promises 15...

Top Altcoins to Watch: BNB and Injective News Signal Hope But BlockDAG’s New Dashboard Inspires W...

Will Solana’s rally continue despite the drop below $180?

Join our free newsletter for daily crypto updates!