Ethereum

Value

Rise

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-about-potentially-misleading-rise-in-this-altcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Warns About Potentially Misleading Rise in This Altcoin</a> 
Ethereum (ETH) experienced a 3% decline over the past 7 days, lagging behind the global <a href="https://en.coin-turk.com/ftx-exchange-shakes-up-crypto-market-with-new-claims-process/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto market</a>, which saw a minor 0.70% increase during the same period. As of the time of writing, Ethereum is trading just above $3,300, with a market cap of $398 billion and a 24-hour trading volume that rose by 3.42% to $14.5 billion.
<h2 style="text-align: justify" id="ethereum-chart">Ethereum Chart</h2>
The most distant support level for Ethereum is at $1,721.40, which coincides with the 0.618 Fibonacci retracement level, currently seen as very far off. This support level is crucial for maintaining the market’s upward movements.
On the other hand, the key resistance level to watch is at $3,600. A move above this resistance level could pave the way for ETH to rise to its all-time high (ATH) of $4,867.
With the recent price movement, Ethereum retested the weekly Fair Value Gap (FVG) from $2,896 to $3,036.62, followed by a 20.42% price rally.
<img fetchpriority="high" decoding="async" class="aligncenter size-full wp-image-375865" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-gorunum-coin-turk-com.png" alt="" width="577" height="294">
However, it faced rejection at the weekly resistance level of $3,545.90 and found buyers at $3,086.13 after a 7.62% drop. The FVG appears to intersect with the 50% Fibonacci retracement, seen as a solid support level.
If this level holds, there is a potential for a 57.87% rally, possibly retesting the all-time high.
<h2 style="text-align: justify" id="whales-and-etfs-in-ethereum">Whales and ETFs in Ethereum</h2>
There is an increase in large transaction volumes parallel to rising whale activity in Ethereum. This whale activity is thought to be related to the entry of ETH ETFs into the market. Large <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> interested in Ethereum are actively buying and selling ETH, likely preferring ETFs over direct blockchain transactions.
<img decoding="async" class="aligncenter size-full wp-image-375866" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-gorunum-2-coin-turk-com.png" alt="" width="579" height="192">
This indicates a growing preference for regulated and potentially more accessible investment vehicles provided through ETFs. According to <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from DefiLlama, the total value locked (TVL) in Ethereum has risen to $59.414 billion. The market cap of stablecoins on Ethereum has reached $78.742 billion. Looking at the ETH/TRY pair, 1 ETH is priced above 109,000 TL.
In the past 24 hours, ETH earned $3.61 million in fees and $2.29 million in revenue. Additionally, the total number of active addresses on the Ethereum network in the last 24 hours was 368,579, indicating a significant number of participants.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-about-potentially-misleading-rise-in-this-altcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Warns About Potentially Misleading Rise in This Altcoin</a></h5>
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Analyst Warns About Potentially Misleading Rise in This Altcoin

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