Ethereum

bullish

Spot

The post <a href="https://coinpedia.org/news/spot-ethereum-etf-volume-plummets-price-shows-signs-of-consolidation/">Spot Ethereum ETF Volume Plummets, Price Shows Signs of Consolidation</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Ethereum, the second-largest cryptocurrency after Bitcoin, recently saw its price drop to $2686 reflecting a plunge of 1.8% in the last 24 hours. This decline comes amid a significant 55% drop in the volume of spot Ethereum exchange-traded funds (ETFs), with an outflow of $13 million.&nbsp; 
<h2 class="wp-block-heading" id="h-ethereum-etf-volume-decline-nbsp">Ethereum ETF Volume Decline&nbsp;</h2> 
Over the past few weeks, the trading volume of Ethereum ETFs has<a href="https://x.com/lookonchain/status/1828105358612873484" target="_blank" rel="noreferrer noopener nofollow"> dropped significantly</a>, with volume falling by about 55%. This decline contrasts sharply with previous levels of activity and highlights a notable shift in investor behavior. 
Onchain data reveals that a major Ethereum whale recently sold a substantial amount of ETH. The whale offloaded 8,825 ETH, valued at about $25 million, incurring a loss compared to the initial purchase price. 
This sale comes amid recent significant accumulations of Ethereum and positive projections for the altcoin. Over the past 24 hours, the broader cryptocurrency market has experienced a slight decline, with ETH falling by 1.6%. 
The drop in <a href="https://blockworks.co/ethereum-etf" target="_blank" rel="noreferrer noopener nofollow">Ethereum ETF volume</a> may reflect broader market sentiment and investor confidence. Lower trading volumes can sometimes signal reduced interest or a shift in investment strategies. 
<h2 class="wp-block-heading" id="h-ethereum-price-consolidation">Ethereum Price Consolidation</h2> 
<a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noreferrer noopener">Ethereum’s price</a> is currently consolidating around the $2,680 mark, indicating it could rise again. Last week, Ethereum attempted several times to break through resistance at $2,800 but faced challenges. 
Since yesterday, Ethereum has stayed above $2,650, forming a base for potential upward movement. However, it encountered resistance near $2,680 and experienced a price correction. 
On the hourly chart for ETH/USD, a bullish trend line forms with support of around $2,720. This suggests Ethereum might try to move higher if it surpasses the current minor resistance at $2,780. 
Conversely, if <a href="https://coinpedia.org/news/ethereum-news-eth-price-plunges-again-will-this-trigger-the-next-crypto-crash/" target="_blank" rel="noreferrer noopener">Ethereum fails</a> to break through the $2,740 resistance, it may continue to decline. Initial support is near $2,645, with major support around $2,600. 
Also Read : <a href="https://coinpedia.org/news/bitcoin-eyes-72k-as-market-moves-into-risk-on-phase-lark-davis-reveals-top-altcoins/">Bitcoin Eyes $72k As Market Moves Into Risk-On Phase; Lark Davis Reveals Top Altcoins</a>

Spot Ethereum ETF Volume Plummets, Price Shows Signs of Consolidation

Table of Contents

CoinPedia News

Other articles published on Aug 27, 2024

Nearly 45% of Ireland’s Investment Fraud Cases Involve Crypto, Warns Garda Ireland

Crypto Coach Vanishes Amid Telegram CEO Pavel Durov’s Arrest

Analysts Forecast Bitcoin’s Big Price Movement

Whales Accumulate Massive XRP Holdings

Shiba Inu Unveils DAO to Empower SHIB Holders

Gameplay Galaxy raises $24M seed round for Web3 gaming platform

Join our free newsletter for daily crypto updates!