Ethereum

Bitcoin

Resistance

April

Foundation

<p>Ethereum surges around 6% in the last 24 hours, soon to lose 2%. Currently ETH is trading at $2,639 and still fighting to take an upper route, which looks very difficult to achieve looking at the market conditions. But the question is, what made Ether jump 6% and why did it lose 2%? Let’s explore the reasons behind these movements.</p>  
<h2 class="wp-block-heading" id="h-true-follower-of-bitcoin">True Follower of Bitcoin</h2>  
<p>It is commonly known among crypto enthusiasts that Ethereum being the number two crypto on the market chart follows the leader of digital space. More than 95% of times, ethereum follows the pattern of Bitcoin, whether to rise or to fall. One major reason for this is market sentiments. Bitcoin has a market dominance of 56.4% while ETH has 14.3%. In any asset market, the asset with the top market dominance is followed by others. If investors lose confidence in Bitcoin, the market of Ethereum will also plummet. In my article about Bitcoin, I have shared the reasons for the <strong><a href="https://coinpedia.org/price-analysis/what-happened-to-bitcoin-today-update-23-september-2024/" target="_blank" rel="noopener noreferrer nofollow">movement of Bitcoin</a></strong> in the last 24 hours that Ethereum is following.</p>  
<h2 class="wp-block-heading" id="h-a-zone-of-resistance">A Zone of Resistance</h2>  
<p>The area of $2,670 has been a zone of high resistance for Ethereum, since April 23, 2021, first time ETH touched this spot. This price zone has always played a strong support or resistance depending on the side the asset is moving. This is a major reason for this rejection. Crypto assets with strong fundamentals are considered to follow their support and resistance zone with much respect. This is the reason, trend lines have so much value while performing technical analysis.</p>  
<figure class="wp-block-image aligncenter size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/23203421/Ethereum-long-term-resistance-1-1024x265.png" alt="Ethereum-long-term-resistance" class="wp-image-354454">
</figure>  
<p>Ethereum was rejected from the same spot exactly a month ago and it ended up closing up on $2,220 a week later. With current trend, it looks like if this rejection persists, Ethereum can come down to $2,540 which is a close support as well as a cross-over by a same month trend line.&nbsp;</p>  
<figure class="wp-block-image aligncenter size-large is-resized"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/23203440/Ethereum-hourly-chart-1-1024x564.png" alt="Ethereum-hourly-chart" class="wp-image-354456" style="width: 100%;height:auto">
</figure>  
<h2 class="wp-block-heading" id="h-ethereum-foundation-sell-off">Ethereum Foundation Sell-Off</h2>  
<p>The wallet related to the Ethereum Foundation funded from the wallet of Vitalik Buterin has been on a selling spree. In September 2024, the foundation sold off 1,150 ETH worth $2.80 million. Etherscan data shows that on September 23, Ethereum foundation sold 200 Ethereum for 527,989 Dai.</p>  
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/lookonchain/status/1838130301689909330
 </div>
</figure>  
<p>Along with these sell offs, Ethereum Foundation has also been sending funds to many wallet addresses. A few days ago, Vitalik informed the community that he has not sold a single ETH for personal profits, but the Foundation has been providing grants to potential projects.</p>  
<h2 class="wp-block-heading" id="h-looking-ahead">Looking Ahead!</h2>  
<p>September has been a bearish month in the history of crypto. Amidst all the chaos, the movement in the crypto assets provides opportunities for the community, however some see such sudden movements as a danger. Lack of proper knowledge and techniques for sure causes losses however traders and investors should always proceed with precaution and research. It would be interesting to see if Ethereum tries to cross the resistance again or will wait for October.</p>

Coinpedia Fintech News

목차

CoinPedia News

2024년 9월 23일에 게재된 다른 기사

Is Blockfi repaying creditors soon? – Receives $250M from Coinbase

FLOKI Completes $CAT Airdrop, But an Error Leaves Some Users Tokenless

NiceHash Docker Miner Integrates with Vast.ai to Monetize Idle GPUs

What Is Donald Trump’s New Crypto Project, World Liberty Financial?

Top 6 Altcoins Primed for a 150x Surge in 2024!

DeltaPrime DeFi Protocol Lost $5.9M in Ongoing Exploit: Report

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!