Ethereum

Bitcoin

<ul>
 <li>Ethereum’s price has fallen over 15% below the crucial $3,000 range, indicating a bearish trend.</li>
 <li>A major whale dumped 26,600 ETH worth over $82.5 million.</li>
</ul>
Amid recent market turbulence, Ethereum has struggled to regain its footing after a significant 15% drop below key support levels. The crypto’s price plummeted below the crucial $3,000 mark due to a broader market downturn triggered by BTC. <a href="https://thenewscrypto.com/bitcoin-drops-below-55k-amid-mt-gox-wallet-activity/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin payouts</a> from the Mt. Gox bankruptcy, flooding the market with additional supply and exerting downward pressure on prices across various altcoins.
A <a href="https://x.com/lookonchain/status/1809049871422533984?s=19" target="_blank" rel="noopener noreferrer nofollow">whale</a> dumped 26,600 ETH, which was worth approximately $82.5 million at $3,102. This move, aimed at repaying debt on Aave, initially led to a sharp 3% decline in ETH value. However, the same whale strategically re-entered the market at a lower price point, borrowing significant funds to capitalize on the dip.
Over the past 24 hours alone, $639.27 million in <a href="https://thenewscrypto.com/where-is-the-crypto-market-headed-as-liquidations-and-fud-surge/" target="_blank" rel="noopener noreferrer nofollow">liquidations</a> underscored the heightened volatility and risk exposure within the crypto market. In that $161 million, ETH alone was liquidated.
<h3 class="wp-block-heading" id="h-will-ethereum-price-recover-to-3000">Will Ethereum Price Recover to $3000?</h3>
Ethereum’s price was <a href="https://thenewscrypto.com/will-ethereum-price-make-a-bullish-comeback-post-spot-etf-launch/" target="_blank" rel="noopener noreferrer nofollow">rejected</a> at a descending trendline on Monday, resulting in a 19% decline over three days. By Thursday, it had dropped below $3,240, and today ETH approached its May 1 low of $2,817.
Currently, Ethereum is showing signs of stabilization, with prices attempting to reclaim the $2,900 threshold. At the time of writing, ETH traded at $2,933 with a market cap of $350 billion. The daily trading volume surged by over 49%, possibly due to increased investor activity.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="515" src="https://thenewscrypto.com/wp-content/uploads/2024/07/image-32-1024x515.png" alt="" class="wp-image-102571" srcset="https://thenewscrypto.com/wp-content/uploads/2024/07/image-32-1024x515.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-32-300x151.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-32-768x386.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/07/image-32.png 1300w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
If Ethereum closes below its May 1 low of $2,815, it could drop further to around $2,650, a decline of 6.5%. Additionally, the relative strength index (RSI) on the daily chart suggests bearish momentum, indicating the potential for continued decline.
Conversely, a daily candlestick close above $3,500 would signal bullish strength, potentially pushing Ethereum up 6% to revisit its high of $3,750. However, Ethereum is likely to consolidate between $2,900 and $3,300.

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