Ethereum

Wednesday

Spot

<p class="is-style-lead">Ethereum price rose above $3,000 as bulls reclaimed the psychological level amid a broader crypto bounce on Wednesday.</p>
<p>However, while ETH price reached highs above $3,126, on-chain data shows the cryptocurrency faces a significant hurdle at around the $3,200 level.</p>
<h2 class="wp-block-heading" id="2-million-addresses-traded-eth-at-3-200">2 million addresses traded ETH at $3,200</h2>
<p>According to data IntoTheBlock shared on Wednesday via X, the $3.2k level could be a key level to watch short term as roughly 2 million addresses traded ETH at that price. These addresses are currently in loss and may be looking to sell.&nbsp;&nbsp;</p>
<p>In May, the Ethereum price struggled between the $2.8k and $3.35k range before positive news helped buyers to break higher. IntoTheBlock analysts see a similar scenario unfolding, noting that bullish news could prevent a downward flip for ETH. It’s a project that other analysts have pointed to, with the Ethereum ETF expected to catalyze further gains.</p>
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   <p lang="en" dir="ltr">Ethereum has reclaimed $3,000 but faces significant resistance around $3,200. <br><br>Approximately 2M addresses that traded <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETH</a> at this level are now at a loss, potentially ready to sell as they break even. <br><br>Bullish news can prevent this—could the Ethereum ETF be the catalyst for… <a href="https://t.co/bymYgYPd0H" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/bymYgYPd0H</a></p>— IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1810999154761470244?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 10, 2024</a>
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<p>The imminent approval for Ethereum ETFs to start trading is set to boost institutional interest, while exchange supply for ETH keeps shrinking.</p>
<h2 class="wp-block-heading" id="whale-withdraws-50-million-in-eth-from-exchange">Whale withdraws $50 million in ETH from exchange</h2>
<p>On Monday, Spot On Chain <a href="https://x.com/spotonchain/status/1810850804754174371" target="_blank" rel="noopener noreferrer nofollow">shared</a> that a whale or institution had withdrawn 16,449 ETH worth over $50.3 million from the Binance exchange.</p>
<p>The whale withdrew their Ether from the exchange as the price of Ethereum recovered above $3,000. This happens to be a trend seen with ETH whales in recent weeks.</p>
<p>Notably, this appeared to be the whale’s first large accumulation of Ether. The entity or individual has moved all their ETH tokens to a new wallet to hodl.</p>
<p>While there have been major moves by whales offloading from exchanges, there have also been notable deposits. According to Whale Alert, an unknown wallet just <a href="https://x.com/whale_alert/status/1811022683959620017" target="_blank" rel="noopener noreferrer nofollow">transferred</a> 8,909 ETH worth over $27 million to Binance.</p>
<p>Another address also moved 11,069 ETH worth over $34 million from an unknown wallet to Coinbase earlier in the day.</p>
<p>Despite this, Crypto Tony <a href="https://x.com/CryptoTony__/status/1810983804997169505" target="_blank" rel="noopener noreferrer nofollow">says</a> the move above $3k is crucial for bulls. Ethereum price currently hovers around $3,117.</p>

Ethereum reclaims key level but faces resistance at $3.2k

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