Ethereum price has gone through a rollercoaster in the last few weeks as the price has witnessed multiple ups and downs. The second biggest cryptocurrency, Ethereum (ETH), has declined more than 11% in a month, 9.31% in a week, and almost 2% drop in the last 24 hours. So, what’s happening with the Ethereum price? Will there be recovery anytime soon? Let us discuss that in this blog.
Ethereum (ETH) Price Analysis
Ethereum price has declined continuously in the last few days following the crypto market decline. At the time of writing, ETH is trading at $2,892.53, the lowest value in two months. However, the trading volume has witnessed a 35% upsurge, pushing the value to $8,291,166,546.
It is because of the current whale interaction on the network which has interfered with the Ethereum holder’s sentiments. As per the Spot On Chain data, a single whale has deposited 4,153 ETH worth $12.2 million ETH tokens on the Coinbase exchange. As a result, Ethereum is in a selling zone where its MACD and exponential moving averages indicate selling pressure on the token.
Will Ethereum Price Recover Anytime Soon?
As the overall market is down, Bitcoin price has also slipped to $60K from $63K. Seeing a momentary price drop in Ethereum isn’t big. However, a few analysts have spoken of the possibility of ETH prices dropping to the low of $2500.
Benjamin Cowen, a crypto analyst, has been monitoring the ETH price against the BTC and has continuously spoken of Ethereum being bearish for a long now. He believes Ethereum might go down and settle around the April 2021 level of $2500
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ETH price has already crossed the key resistance line of $2,910 and is continuing a bearish trend. The next support is at the $2,865 level, and if Ethereum’s price moves down the line, Ethereum might decline to an even lower value of $2,650.
In contrast, if Ethereum surged to the upper support level of $2,950, the price may go as high as $3,250 in the upcoming days.
Final Thoughts
Ethereum holders’ sentiments are also affected by the upcoming SEC announcement on the Ethereum Spot ETF proposals. After multiple delays, the result will be out by the month’s end, but the possibility of approval keeps declining each day, impacting the Ethereum price. A market reversal with positive results from the SEC is the biggest hope for ETH holders to see the token surge to anywhere near the ATH target of $4,891.70.
Read More: Ethereum Price: What’s Happening With ETH Price Today: May 13, 2024? | CoinGape
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