Ethereum’s Tipping Point: Analyst Warns Of Steep Drop To $2,000
23 Januar 2024 - 4:00AM
NEWSBTC
Since Ethereum (ETH) peaked at $2,717 in the last two weeks, the
asset has experienced a gradual decline, culminating in its arrival
at a key demand zone, which could be instrumental in determining
its imminent price trajectory, according to a prominent crypto
analyst. Critical Support Zone Flags Continuous Bearish Move
Renowned crypto analyst Ali has pinpointed a critical demand zone
for ETH, ranging between $2,388 and $2,460. The resilience of this
support level could pave the way for an upward trajectory, offering
Ethereum a much-needed respite from bearish pressures. Related
Reading: Market Dips, Whales Play: Bitcoin And Ethereum Snagged By
Savvy Investors However, should Ethereum falter, a bearish slide to
the next major support level of around $2,000 may be imminent. Such
a decline would represent a significant drop of nearly 20% from its
current price around the $2,300 mark, posing a stern test for
Ethereum’s market upward stability. #Ethereum Market Update: $ETH
is currently in a key demand zone, ranging between $2,388 and
$2,460. If this support holds strong, there’s a clear path ahead
with minimal resistance, offering a potential for upward movement.
⚠️ However, if #ETH fails to maintain this level, we…
pic.twitter.com/F0HfyrSdGF — Ali (@ali_charts) January 21, 2024
Over the past 24 hours, Ethereum has witnessed a noticeable 4.3%
decrease in value, breaching Ali’s critical demand zone. Currently,
ETH trades at $2,368, signaling a possibility of a further plunge
from here. This price dip is mirrored in Ethereum’s trading volume,
which has seen a significant decrease from $19 billion last Monday
to just over $10 billion today, indicating lesser trading activity
and a shift in investor sentiment. Ethereum’s Market Dynamics:
Whales Buying Dip and Rising Dominance The current market dip has
not gone unnoticed by savvy investors. According to Lookonchain, a
crypto analytics platform, a prominent Ethereum whale has
capitalized on the opportunity, acquiring 3,600 ETH valued at
around $8.9 million. After the price of $ETH dropped today, this
smart whale bought 3,600 $ETH($8.9M) back at a lower price 5 hours
ago. This whale is very good at buying $ETH at low prices and
selling $ETH at highs. The profit is ~$25.8M
currently!https://t.co/UzXbheftr1 pic.twitter.com/DannZzsQVk —
Lookonchain (@lookonchain) January 19, 2024 This strategic move is
part of a larger pattern observed in the whale’s trading history,
marked by buying low and selling high. This tactic has reportedly
amassed profits estimated at $25.8 million. Related Reading: Here
Are The Most Bullish Predictions For ETH Price As Ethereum
Dominance Rises Against Bitcoin Amid this bearishness, Ethereum has
shown resilience in terms of market dominance. A recent report by
analytics firm Santiment reveals that Ethereum’s market share,
relative to the total crypto market capitalization, has surged by
roughly 22.4% in just one week. This growth is complemented by a
significant increase in active Ethereum addresses, with an average
of 89,400 new addresses joining the network daily, reaching a peak
of 96,300 new addresses in a single day. These figures suggest a
growing interest and engagement in the Ethereum ecosystem despite
the current market conditions. 📈 #Ethereum‘s price dominance
continues to surge against #Bitcoin‘s, now +22.4% in a week. During
this stretch, there have been 89.4K new $ETH addresses created per
day, and 96.3K wallets just yesterday. Additionally, the 2nd
largest market cap asset’s supply on (Cont) 👇
pic.twitter.com/9nHCl6PJPy — Santiment (@santimentfeed) January 16,
2024 Featured image from Unsplash, Chart from TradingView
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