As a researcher with experience in cryptocurrency markets, I believe that Ethereum’s recent price drop is a temporary setback amidst positive developments for the asset. The ongoing investigation by the S.E.C into Ethereum 2.0 has been closed, and institutional interest in Ethereum continues to grow.
Over the past week, the price of Ethereum dropped by 5.2%, with a more significant decrease of 3.6% in just the previous 24 hours. This downturn occurred concurrently with the Securities and Exchange Commission (SEC) announcing the conclusion of their investigation into Ethereum 2.0, trading at approximately $3,380.
On Sunday, Bitcoin ended the day at a price of $63,154. However, it dipped lower in the initial hours of Monday and was currently trading near $62,248 as of the press time.
Ethereum Price: ETH Gears Up For 46% Breakout
The Ethereum token’s value has been moving within a large ascending triangle pattern for some time, but only more recently have the tendencies inside this formation become apparent. Upon closer examination, Ethereum’s price had been confined to a narrow range prior to its recent unexpected decline.
As a crypto investor, I’m observing that the Ethereum (ETH) asset’s price is presently moving below the 50-day Simple Moving Average (SMA), but above the longer-term 200-day SMA. Notably, the 200-day SMA aligns with an uptrend line within the ascending triangle formation, which could function as a potential support level around $3,126 for Ethereum’s price.
The cost of Ethereum could decrease by nearly 9% and reach this support point before potentially rebounding to challenge the $4,000 mark once more. If the bullish momentum remains robust, Ethereum might surge past its current position in a 46% upward swing that propels it to $5,600.
In another possible turn of events, the price may stay contained within the rising triangle formation and could meander all the way to its apex before eventually bursting out.
Although it’s an unlikely turn of events, Ethereum could instead break below from its uptrending triangle formation. In such a scenario, supports might be found at roughly $2,357 and $1,898 levels.
Based on my analysis of the latest CoinGecko figures, I’ve observed a remarkable surge of 98% in Ethereum’s daily trading volume. This significant increase suggests heightened investor attention towards Ethereum.
As a crypto investor, I’m constantly keeping an eye on the latest blockchain analytics from reliable sources like DefiLlama. According to their recent data, Ethereum remains uncontested as the leading player in the blockchain landscape. With regard to total value locked, trading volume, transaction fees, revenues, and number of transactions, Ethereum is clearly dominating both layer 1 (L1) and layer 2 (L2) blockchains.
At present, the value of Bitcoin might decrease slightly towards the $60,000 mark before rebounding and climbing up to around $66,000 once more.
Ethereum Price Future Outlook
The key factors driving Ethereum’s current progress depend largely on the possible approval of its Sport ETF applications and the recent legal victory against the SEC. However, it is important to note that this victory pales in comparison to the SEC’s lack of classification of Ethereum as a non-security.
Institutions are now bidding on ETH
Ethereum CME futures OI is rising just like it happened with BTC before the ETF trading started.
Time for $5,000 ETH soon ?
GIGA BULLISH
— Ash Crypto (@Ashcryptoreal) June 23, 2024
Expert: In a recent analysis on platform X, crypto expert Ash Crypto predicted potential Ethereum price growth. He underscoreed the increasing interest from institutions in Ethereum, as evidenced by the escalating Open Interest for Ethereum futures on the Commodity Exchange (CME). This trend mirrors Bitcoin’s market behavior prior to its Exchange Traded Fund (ETF) launch.
Bottom Line
The anticipation among the Ethereum community is centered around the possibility of an ETF (Exchange-Traded Fund) being approved, with recent trends in the cryptocurrency market suggesting this as a distinct possibility. If an ETF application, specifically S-1, is accepted and trading begins, it could lead to Ethereum reaching new price peaks.
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2024-06-24 10:32