The price of Ethereum has noticeably lost momentum since Monday’s bullish trend, now hovering around $3,500 as it searches for support. This pattern echoes the recent correction in Bitcoin‘s price, which dipped to $69,000 following a peak at $72,000. Some investors are optimistic and plan to buy the dip before the upcoming Bitcoin halving event. A break above $4,000 for Ethereum could trigger a larger surge, potentially pushing new record highs alongside Bitcoin’s predicted peak above $100,000 by 2024.
The price of Bitcoin hit a new high of $72,000 recently, boosted by increased demand for ETF (Exchange Traded Fund) products. According to SoSoValue’s latest report, there was an outflow of $223 million from these products on April 8. To date, the total net inflow volume has amounted to $12.39 billion.
According to data from Wu Blockchain’s report, Grayscale had a net withdrawal volume of $303 million in grayscale terms.
Yesterday, Bitcoin spot ETFs experienced total withdrawals amounting to $223 million. Among them, Grayscale ETF (GBTC) recorded a significant one-day withdrawal of $303 million. On the other hand, Bitwise ETF NYSE reported the largest single-day net deposits, approximately [insert amount here].
— Wu Blockchain (@WuBlockchain) April 9, 2024
At a recent event in Hong Kong, Vitalik Buterin, the founder of Ethereum, delivered a speech that further bolstered the positive sentiment within the cryptocurrency ecosystem. Consequently, traders opted to sell Bitcoin temporarily while purchasing short-term Ethereum call options, based on Greekslive’s report.
In simpler terms, Ethereum increased by 8% within a day, potentially due to Vitalik’s activities in Hong Kong. According to Greekslive, most traders focused on selling short-term Bitcoin options and purchasing Ethereum short-term calls today. However, a large investor has recently acquired almost 30,000 Bitcoin call contracts.
— Wu Blockchain (@WuBlockchain) April 9, 2024
Ethereum Price Forecast Eyes $4,000 As ERC20 Tokens Soar
The tokens in the Ethereum-based ERC20 standard have seen exceptional growth lately, boosting the second largest digital currency with renewed energy.
According to Santiment’s analysis of blockchain data, ERC20 tokens have outperformed the markets, recording a 8.1% growth over the past week.
Among the coins in this part, Toncoin (TON) and Ethana (ENA) are doing exceptionally well. According to CoinGecko’s market information, TON has jumped 15% within the last 24 hours to reach $6.75. On the other hand, although ENA experienced a remarkable increase of 96%, it is currently experiencing increased selling pressure and has dropped by 4% in the last 24 hours to $1.24.
Currently, Ethereum remains above the $3,600 mark of support following the loss of momentum from its bullish run at $3,729 – a new peak reached on Monday.
According to the RSI’s pessimistic viewpoint, ETH may lose its recent gains and dip back down towards the $3,500 mark for another test. The 20-day EMA adds credence to this support level within the four-hour timeframe.
As the RSI of Ethereum decreases and enters the neutral zone, the selling power grows, raising the likelihood of additional price drops. Cautious investors might choose to hold off on purchasing Ethereum until it recovers from its current price or the gray band containing both the 50-day moving average and the 200-day moving average. This way, they can capitalize on a potential breakout toward $4,000.
According to recent data from IntoTheBlock’s blockchain analysis, approximately 94.24% of Ethereum owners currently hold a profit or are breaking even, while just over 3.53% have unrealized losses. This signifies that the Ethereum price is well-supported and the trend is likely to continue upward.
The major hurdle for Ethereum price lies between $3,666 and $4,811. Overcoming this obstacle could lead Ethereum to reach new peak prices.
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2024-04-09 22:28