Ethereum

2024

Since Ethereum (ETH) peaked at $2,717 in the last two weeks, the asset has experienced a gradual decline, culminating in its arrival at a key demand zone, which could be instrumental in determining its imminent price trajectory, according to a prominent crypto analyst. 
<h2 id="critical-support-zone-flags-continuous-bearish-move">Critical Support Zone Flags Continuous Bearish Move</h2> 
Renowned crypto analyst Ali has <a href="https://twitter.com/ali_charts/status/1749197673838604379?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">pinpointed</a> a critical demand zone for ETH, ranging between $2,388 and $2,460. The resilience of this support level could pave the way for an upward trajectory, offering Ethereum a much-needed <a href="https://www.newsbtc.com/news/ethereum/developer-hails-eth-burning-will-ethereum-break-3000/" target="_blank" rel="noopener ">respite from bearish pressures</a>. 
However, should Ethereum falter, a bearish slide to the next major support level of around $2,000 may be imminent. Such a decline would represent a significant drop of nearly 20% from its current price around the $2,300 mark, posing a stern test for Ethereum’s market upward stability. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Ethereum</a> Market Update: <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there’s a clear path ahead with minimal resistance, offering a potential for upward movement. 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a0.png" alt="⚠" class="wp-smiley" style="height: 1em; max-height: 1em;"> However, if <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#ETH</a> fails to maintain this level, we… <a href="https://t.co/F0HfyrSdGF" target="_blank" rel="noopener nofollow">pic.twitter.com/F0HfyrSdGF</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1749197673838604379?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 21, 2024</a>
</blockquote> 
Over the past 24 hours, Ethereum has witnessed a noticeable 4.3% decrease in value, breaching Ali’s critical demand zone. Currently, ETH trades at $2,368, signaling a possibility of a further plunge from here. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/gXsfI0dj/" alt="Ethereum price chart on TradingView" width="2770" height="1556"> 
This price dip is mirrored in Ethereum’s trading volume, which has seen a significant decrease from $19 billion last Monday to just over $10 billion today, indicating lesser trading activity and a shift in investor sentiment. 
<h2 id="ethereum-s-market-dynamics-whales-buying-dip-and-rising-dominance">Ethereum’s Market Dynamics: Whales Buying Dip and Rising Dominance</h2> 
The current market dip has not gone unnoticed by savvy investors. According to Lookonchain, a crypto analytics platform, a prominent Ethereum whale has <a href="https://www.newsbtc.com/bitcoin-news/market-dips-whales-play-bitcoin-and-ethereum-snagged-by-savvy-investors/" target="_blank" rel="noopener ">capitalized on the opportunity</a>, acquiring 3,600 ETH valued at around $8.9 million. 
<blockquote class="twitter-tweet"> 
 After the price of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> dropped today, this smart whale bought 3,600 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a>($8.9M) back at a lower price 5 hours ago. 
 This whale is very good at buying <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> at low prices and selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> at highs. 
 The profit is ~$25.8M currently!<a href="https://t.co/UzXbheftr1" target="_blank" rel="noopener nofollow">https://t.co/UzXbheftr1</a> <a href="https://t.co/DannZzsQVk" target="_blank" rel="noopener nofollow">pic.twitter.com/DannZzsQVk</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1748245949795991962?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 19, 2024</a>
</blockquote> 
This strategic move is part of a larger pattern observed in the whale’s trading history, marked by buying low and selling high. This tactic has reportedly amassed profits estimated at $25.8 million. 
Amid this bearishness, Ethereum has shown resilience in terms of <a href="https://www.newsbtc.com/news/ethereum/predictions-eth-price-ethereum/" target="_blank" rel="noopener ">market dominance</a>. A recent report by analytics firm Santiment reveals that Ethereum’s market share, relative to the total crypto market capitalization, has <a href="https://www.newsbtc.com/news/bitcoin-backs-down-ethereum-steals-the-spotlight-with-surge-in-market-dominance/" target="_blank" rel="noopener ">surged by roughly 22.4% in just one week</a>. 
This growth is complemented by a significant increase in active Ethereum addresses, with an average of 89,400 new addresses joining the network daily, reaching a peak of 96,300 new addresses in a single day. 
These figures suggest a <a href="https://www.newsbtc.com/ethereum-news/qcp-capital-forecasts-eths-dominance-over-bitcoin-to-persist-ethereum-etfs-in-focus/" target="_blank" rel="noopener ">growing interest</a> and engagement in the Ethereum ecosystem despite the current market conditions. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Ethereum</a>‘s price dominance continues to surge against <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Bitcoin</a>‘s, now +22.4% in a week. During this stretch, there have been 89.4K new <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$ETH</a> addresses created per day, and 96.3K wallets just yesterday. Additionally, the 2nd largest market cap asset’s supply on 
 (Cont) <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/9nHCl6PJPy" target="_blank" rel="noopener nofollow">pic.twitter.com/9nHCl6PJPy</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1747362860941103110?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 16, 2024</a>
</blockquote> 
Featured image from Unsplash, Chart from TradingView

Ethereum’s Tipping Point: Analyst Warns Of Steep Drop To $2,000

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