This week brought heightened volatility to the cryptocurrency market, fueled by the approaching Bitcoin Halving event. The market showed signs of recovery early in the week, but those gains were short-lived as Bitcoin’s price dipped to a low of $65,133 on Friday. In the midst of this slide, Ethereum reached a swing low support at $3,100 and is currently searching for a solid foundation to prevent a protracted decline.
Buyers Eye ETH’s 100-Day EMA Support for Potential Recovery
The price of Ethereum (ETH), which was previously at $4095, has been decreasing for over a month and is now around $3100, representing a 25% drop. This decline has reached a significant level, as it aligns with the 38.2% Fibonacci retracement and the current slope of the 100-day moving average. As a result, this area presents an attractive opportunity for potential buyers.
The current price of Ethereum (ETH) is around $3258, and it has gained 0.57% within the day. This suggests that there was a strong rejection of attempts to push the price down to the support level of $3100, implying that demand for ETH remains robust.
To maintain prices above this current level in the near future is essential as it shows that the “buy the dip” mentality remains strong. This upturn could potentially boost ETH‘s price by 14%, enabling it to surpass the $3730 resistance, and later reach the previous peak of $4100.
$106M Worth of ETH Hits Exchanges During Market Dip
According to Lookonchain’s latest report, when the cryptocurrency market experienced a downturn, four major Ethereum investors transferred a total of 31,683 ETH (roughly $106 million) to exchanges.
During the market drop, 4 whales/institutions dumped 31,683 $ETH($106M).
Cumberland deposited 17,206 $ETH($57.3M) to exchanges.
0xC3f8 deposited 7,976 $ETH($26.6M) to #Binance.
0x1717 deposited 4,000 $ETH($13.32M) to exchanges.…
— Lookonchain (@lookonchain) April 13, 2024
In these transactions, Cumberland contributed 17,206 ETH, while another entity linked to the wallet address starting with 0xc3f8 sent 7,976 ETH to Binance. The wallet initiated with 0x1717 transferred an amount of 4,000 ETH, and Alameda Research moved 2,500 ETH to Binance. This substantial exchange of funds has generated significant buzz in the crypto community during the market correction.
A breakdown below $3100 will favor sellers to lead to a prolonged downfall.
Technical Indicator
- Exponential Moving Average: the trend-defining 100-day EMA has acted as a dynamic support for investors during major corrections.
- Relative Strength Index: The daily RSI(80%) slope waving around the mid-line reflects an indecisive sentiment among market participants.
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2024-04-13 19:03