What’s Happening With Ethereum Price Today: May 13, 2024?

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As a seasoned crypto investor, I’ve seen my fair share of market volatility, and the recent Ethereum price action has been no exception. The continuous decline in Ethereum’s value, coupled with the increased trading volume, is causing concern among investors. The whale interaction on the network is adding fuel to the fire, pushing the price down further.

As a researcher investigating recent trends in the cryptocurrency market, I’ve observed a volatile period for Ethereum prices over the past few weeks. The second largest digital currency has experienced significant fluctuations, with a decrease of over 11% in the last month, nearly 10% in just one week, and an additional 2% drop within the past 24 hours. These price movements raise the question: what’s causing Ethereum’s turbulent market behavior? Can we expect a recovery soon? In this blog post, let us delve deeper into the factors influencing Ethereum’s price action and discuss potential implications for investors.

Ethereum Price Analysis

As a researcher studying the cryptocurrency market trends, I’ve observed that Ethereum’s price has been on a downward spiral in the recent past, coinciding with the broader crypto market decline. At the moment of penning this down, Ethereum is being exchanged at $2,892.53 – its lowest point in the last two months. Nevertheless, there’s a silver lining as the trading volume has shown a significant surge of 35%, resulting in a total trading value of approximately $8.3 billion.

The presence of large Ethereum whales actively transacting on the network has affected the sentiment among Ethereum holders. According to Spot On Chain statistics, one such whale has transferred 4,153 ETH, equivalent to around $12.2 million, to Coinbase exchange. This transaction has triggered a selling trend for Ethereum as suggested by its MACD and moving averages on the chart.

Will Ethereum Price Recover Anytime Soon?

As an analyst observing the current market trend, I’ve noticed that Bitcoin has dipped from its previous price of $63K to around $60K. A minor price decrease in Ethereum is not surprising given the overall market downturn. However, some experts have raised concerns about Ethereum potentially dropping down to the $2500 mark.

Benjamin Cowen, a cryptocurrency analyst, has been closely observing the relationship between ETH‘s price and BTC‘s for some time. He has consistently expressed his view that Ethereum is in a bearish phase and anticipates it could drop to approximately $2500 – a level last seen in April 2021.

As a crypto investor, I’ve noticed that Ethereum has surpassed the significant resistance mark of $2,910. However, this bullish momentum seems to have taken a turn for the worse, and Ethereum is now exhibiting bearish tendencies. The upcoming support level lies at $2,865. If Ethereum’s price were to drop further, it could potentially lead to a decline in value down to the $2,650 mark.

As a crypto investor, I believe that if Ethereum reaches the resistance level of around $2,950, there’s a strong possibility that its price could climb even higher, potentially reaching $3,250 or even surpassing it in the coming days.

Final Thoughts

As an analyst, I can tell you that my own analysis indicates that the sentiments of Ethereum holders are significantly influenced by the pending SEC decision regarding the Ethereum Spot ETF proposals. After numerous postponements, the verdict is expected to be revealed toward the end of this month. However, the likelihood of approval seems to be dwindling with each passing day, which can negatively affect the Ethereum price. Conversely, a favorable outcome from the SEC could trigger a market reversal and potentially propel ETH prices closer to their all-time high target of $4,891.70.

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2024-05-13 13:04