Ethereum

Greed

Memecoin

Super Trump Coin

The recent price action of Ethereum has not been so much of a breeze. The second-largest cryptocurrency by market cap experienced a surge that nearly reached its all-time high, only to be met with a sharp reversal, leaving long traders licking their wounds. 
<h2 data-sourcepos="5:1-5:52" id="strong-bulls-take-a-hit-but-sentiment-remains-positive-strong">Bulls Take A Hit, But Sentiment Remains Positive</h2> 
The past few days have seen a significant decline in Ethereum’s price, dropping from $3,880 to around<a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noopener nofollow"> $3,735.</a> This has resulted in substantial liquidations for long traders, exceeding $55 million in the last three days compared to only $16 million for short positions. 
<img loading="lazy" decoding="async" class="wp-image-610772 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272" alt="" width="1024" height="272" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272?w=1385 1385w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_67afbd.png?resize=1024%2C272?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
Despite the dip, technical indicators paint a bullish picture. The price remains above the short moving average, and the Relative Strength Index (RSI) sits comfortably above 60, suggesting a strong underlying trend. 
The funding rate, which reflects the cost of borrowing and lending cryptocurrency, provides further evidence of bullish sentiment. It has remained positive, currently at 0.014%, suggesting that buyers are still dominant and expect the price to rise further. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/XfX5a34E/" alt="" width="2475" height="1163"> 
<h2 data-sourcepos="11:1-11:62" id="strong-open-interest-soars-signaling-sustained-investor-interest-strong">Open Interest Soars, Signaling Sustained Investor Interest</h2> 
While the price has dipped, investor interest in Ethereum remains robust. Open Interest, which reflects the total amount of outstanding futures contracts, reached a peak of $17 billion on May 28th, the highest level in over a year. This indicates that despite the recent volatility, investors are still heavily engaged with Ethereum and believe in its long-term potential. 
<img loading="lazy" decoding="async" class="wp-image-610774 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_109acc.png?resize=629%2C374" alt="" width="629" height="374" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_109acc.png?resize=629%2C374?w=629 629w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_109acc.png?resize=629%2C374?w=460 460w" sizes="(max-width: 629px) 100vw, 629px" data-recalc-dims="1"> Ethereum Price Forecast 
Meanwhile,&nbsp;Ethereum’s current price prediction of $3,940 by June 30th suggests a potential 2% increase. While the technical indicators remain neutral, the high Fear &amp; Greed Index of 73 indicates a prevailing sense of greed among investors. This could fuel further price movement in the short term. 
<img loading="lazy" decoding="async" class="wp-image-610776 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/a_76f5ef.png?resize=509%2C192" alt="" width="509" height="192" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/a_76f5ef.png?resize=509%2C192?w=509 509w, https://www.newsbtc.com/wp-content/uploads/2024/05/a_76f5ef.png?resize=509%2C192?w=460 460w" sizes="(max-width: 509px) 100vw, 509px" data-recalc-dims="1"> 
Looking at the recent performance, Ethereum has experienced a moderate amount of volatility with 57% green days over the past month. This suggests a potential for continued upward momentum, especially considering the significant price increase since the cycle low of $897. However, it’s important to remember that the market is dynamic, and corrections can occur even in bullish environments. 
Related Reading: <a href="https://www.newsbtc.com/news/political-memecoin-mania-super-trump-token-explodes-with-200-surge/" target="_blank" rel="noopener ">Political Memecoin Mania: Super Trump Token Explodes With 200% Surge</a> 
Overall, the technical analysis paints a mixed picture for Ethereum. While the neutral sentiment and recent price dip might raise some concerns, the high Fear &amp; Greed Index and strong performance since the cycle low suggest potential for further growth. 
Featured image from Pexels, chart from TradingView

Ethereum Bloodbath: Over $55 Million In Longs Liquidated As Price Plummets

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