As a seasoned researcher with over a decade of experience in the financial markets, I’ve seen my fair share of market volatility and unexpected events. However, the resilience displayed by Ethereum during the recent black swan event has left me rather impressed. The fact that staked ETH increased despite the crash is a testament to the faith investors have in Ethereum’s future price performance.
Since the unexpected incident on Monday affecting the entire cryptocurrency market (resulting in significant sell-offs), the value of Ethereum has been steadily rising. However, for the upward trend to continue, Ethereum bulls need to surpass a key barrier, demonstrating their strength and maintaining the current momentum.
Ethereum Price Holds Green As Staked ETH Hit 34.12M
The price of Ethereum climbed above the $2,500 mark following a strong recovery from its Monday low of $2,111. This upward trend peaked at $2,550 on Wednesday, but due to market instability, it dipped slightly, causing ETH‘s price to challenge its support level at $2,330.
It appears traders are hesitant to fully commit to long positions in ETH until they receive further confirmation. From a fundamental standpoint, Ether presents a bullish trend, particularly when considering the rise in staked ETH. According to IntoTheBock’s data, the amount of staked ETH has grown from 33.34 million to 34.12 million since July 1.
As a crypto investor, I observed an interesting trend during the recent market crash on Monday. Instead of withdrawing, approximately 27,000 Ether was deposited into the smart contract, while only around 2,600 Ether were taken out. This trend continued on Tuesday and Wednesday, with investors depositing 31,000 and 46,000 Ether, respectively.
Ether resides comfortably atop a solid foundation, sandwiched between approximately $2,268 and $2,345. Around 2 million investors have acquired about 50 million Ether in this price range. This group of owners seems unwilling to sell, strengthening the potential for the upward trend to reach $3,000. Concurrently, the high trading volume lessens the possibility of another market downturn, targeting prices below $2,000.
ETH Price Bullish Comeback Targets $3,000
The cost of Ethereum could soon challenge the $2,600 barrier again following a temporary drop to the $2,330 support level. Various signs, such as the Moving Average Convergence Divergence (MACD), suggest a positive trend ahead.
As a researcher studying Ethereum’s price trends, I can confidently say that surpassing the resistance at $2,600 significantly boosts the likelihood of Ether reaching $3,000. Furthermore, I find comfort in the support at $2,330 and the short-term reinforcement offered by the 20-day Exponential Moving Average (EMA) around $2,505.
Keep a close eye on Ethereum’s behavior as it encounters resistance at approximately $2,600 and again at $2,800 – this level is near the 50% Fibonacci retracement point. If Ethereum manages to surmount these levels, it significantly increases the likelihood of ETH prices soaring beyond $3,000.
While Ethereum’s price trend seems bullish with a possibility of surpassing $3,000, it’s crucial for traders to stay ready for alternative outcomes. One such scenario could involve a potential drop towards $2,000 if the resistance at $2,600 and $2,800 remains unbroken. A decrease in volume while open interest increases may be an early signal of market exhaustion, urging a more cautious strategy.
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2024-08-08 20:10