According to U.Today, Ethereum (ETH) is currently facing a significant resistance zone between $3,170 and $3,270 as it continues its journey past the $3,000 price point. This resistance zone is not just a simple price point, but represents a significant concentration of ETH held by 1.63 million addresses, totaling 4.45 million ETH. This accumulation of holdings could play a crucial role in determining whether Ethereum can break through and reach the much-anticipated $3,650 level.

Crypto analyst Ali highlighted this formidable resistance zone for ETH, characterized by a concentration of Ethereum holdings among a large number of addresses. On-chain data reveals that approximately 1.63 million addresses collectively hold a significant 4.45 million ETH at these price levels. The large number of addresses holding onto their ETH within this range indicates a potential sell-off point, where many investors may decide to take profits, thereby increasing the selling pressure and making it harder for the price to push through.

If a significant portion of these holders were to sell, it could lead to a price drop. However, if these holders remain confident and continue to hold, or if new buyers step in with enough volume, the price could break past the resistance and head toward the next target of $3,650. Ali indicated in his tweet that breaking past the barrier between $3,170 and $3,270 could propel ETH toward $3,650. At the time of writing, ETH was up 1.51% in the last 24 hours to $3,243.

If the current bullish momentum sustains, Ethereum might aim for $3,302 ahead of the 50-day SMA at $3,488. This would aim for $3,650 and further the $3,729 barrier. Conversely, if the ETH price turns down from current levels, it could slip toward the $3,000 price point. This remains a critical support for the bulls to maintain because, if it fails, the next stop could be $2,850.

According to Foresight News, Vitalik Buterin, the co-founder of Ethereum, has expressed his concerns over the misuse of the term 'ZK' by ZKasino. He pointed out that the only connection ZKasino has with 'ZK' is its existence on zksync. Buterin believes that the term 'ZK' has become so mainstream that even fraudsters are adopting it. He suggests that the community needs to adapt to this new reality.

According to PANews, data from Coinglass reveals that the cryptocurrency market experienced a total contract liquidation of $193 million in the past 24 hours. This liquidation affected 85,846 individuals.

The majority of the liquidation, amounting to $151 million, was from long positions, while short positions accounted for approximately $41.88 million. Bitcoin (BTC) and Ethereum (ETH) were significantly impacted, with liquidation amounts of approximately $43.60 million and $38.72 million respectively.

As per Dune Analytics, Renzo network has achieved a significant benchmark. The total amount of Renzo's re-staked Ethereum (ETH) has surpassed 1 million, currently standing at 1,051,778 ETH.

The decentralized finance (DeFi) space has been witnessing remarkable growth, with various platforms vying for the top spot in terms of total value locked (TVL). Recent data indicates that Lido, a liquid staking solution based on Ethereum, has emerged as the clear leader, boasting an impressive $29.8 billion in TVL.

Top 10 DeFi Tokens by TVL

Lido (ETHEREUM): $29.8 billion

EigenLayer (ETHEREUM): $15.2 billion

AAVE (ETHEREUM): $10.8 billion

Maker (ETHEREUM): $8.2 billion

JustLend (TRON): $6.4 billion

Uniswap (ETHEREUM): $5.7 billion

Pendle (ETHEREUM): $5.5 billion

Summer.fi (ETHEREUM): $5.0 billion

Rocket Pool (ETHEREUM): $4.0 billion

ether.fi (ETHEREUM): $3.8 billion

Lido’s Dominance and the Rise of Liquid Staking

Lido’s position at the top of the DeFi TVL rankings can be attributed to the growing popularity of liquid staking solutions. By allowing users to stake their Ethereum while maintaining liquidity, Lido has attracted a significant amount of capital from investors seeking to maximize their returns while retaining the flexibility to participate in other DeFi activities.

Lido’s success has also paved the way for other liquid staking providers, such as Rocket Pool and ether.fi, which have also secured positions in the top 10 DeFi tokens by TVL.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

Show more +Show less – EigenLayer’s Potential Market Valuation

EigenLayer, a new entrant in the DeFi space, has already made a significant impact, securing the second spot on the TVL rankings with $15.2 billion in locked value. As EigenLayer prepares to launch its native token, speculation is rife about the potential market valuation it could achieve.

Given the platform’s strong TVL performance and the growing interest in DeFi projects, it is not unreasonable to expect EigenLayer’s token to command a substantial market capitalization upon launch. Some analysts predict that EigenLayer’s valuation could surpass that of established DeFi giants like AAVE and Maker.

The Diversity of the DeFi Ecosystem

The top 10 DeFi tokens by TVL showcase the diversity of the DeFi ecosystem, with platforms offering a wide range of services, including lending, borrowing, trading, and yield farming. This diversity is a testament to the innovation and creativity within the DeFi space, as developers continue to explore new ways to leverage blockchain technology to create more efficient and accessible financial products.

It is also worth noting that while Ethereum remains the dominant blockchain for DeFi applications, other networks, such as TRON, are beginning to gain traction. JustLend, a TRON-based lending platform, has secured the fifth spot on the TVL rankings, highlighting the potential for DeFi to expand beyond the Ethereum ecosystem.

The DeFi landscape is constantly evolving, with new platforms and tokens emerging to challenge the established players. Lido’s dominance in terms of TVL is a testament to the growing demand for liquid staking solutions, while EigenLayer’s impressive performance has generated significant buzz around its upcoming token launch.

Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.Get all our future calls by joining our FREE Telegram community.

Check NuggetRush ($NUGX) Sponsored: Invest Responsibly, Do Your Own Research. Buy NUGX Today Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices A unique play-to-earn gaming platform in the memecoin market The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience Fosters a strong community by encouraging physical meetups among members NFT Integration with Prominent Characters

The post Top 10 DeFi Tokens by TVL: Lido Dominates With $29.8B appeared first on CaptainAltcoin.

Sustaining its recent momentum may give NEAR an edge over the broader Ethereum ecosystem. How?

ZhuSu, the ex-founder of Three Arrows Capital, has recommended a novel strategy for Ethereum trading. In his recent post on April 24, he suggests buying Ethereum when network gas fees are low and selling when the fees are high.

This trading advice contradicts the popular narrative in Ethereum investment, where high gas fees, often resulting from heightened blockchain activity, generally encourage holding on to assets. ZhuSu, however, sees high gas costs as an indicator of unsustainable activity, with the opposite being true when gas fees are low.

Ethereum, the pioneering blockchain platform renowned for its smart contract functionality, continues to showcase resilience in the face of market volatility. As of the latest updates, Ethereum stands tall, trading above the $3,120 threshold, affirming its bullish stance. With each passing hour, Ethereum charts a path of ascendancy, propelled by a steadfast upward trend line and bolstered by the 100-hour Simple Moving Average.&middot

For the full story, head over to TheCurrencyAnalytics.com.

On Apr 24, 2024, 14:36 PM(UTC). According to Binance Market Data, Ethereum has dropped below 3,200 USDT and is now trading at 3,198.719971 USDT, with a 1.85% decrease in 24 hours.

According to BlockBeats, on April 24, Grayscale has submitted a document to the U.S. Securities and Exchange Commission (SEC) to register a new Ethereum Exchange Traded Fund (ETF) - Grayscale Ethereum Mini Trust Fund (proposed code: ETH). The fund will be created by splitting and distributing assets from the Grayscale Ethereum Trust Fund (OTCQX: ETHE).

Grayscale's Chief Legal Officer, Craig Salm, stated that if approved by the regulatory authorities, the new Grayscale Ethereum Mini Trust Fund will be launched as a low-fee spot Ethereum ETF. Meanwhile, a portion of Ethereum from ETHE will be used to 'seed' the new fund, and ETHE shareholders will receive shares of the new ETF proportionally. This split is expected not to generate a taxable event for ETHE and its shareholders.

 

In the ever-evolving cryptocurrency market, significant developments across various digital assets have sparked interest and speculation among investors. Ethereum (ETH), showing signs of recovery following Bitcoin’s latest halving event, has been trading below the $3,200 mark with expectations of approaching $4,000. Meanwhile, Shiba Inu (SHIB) has successfully raised $12 million to enhance privacy on its blockchain, and Furrever Token (FURR) continues to charm the market with its presale success amid an overall market uptick.

Ethereum (ETH) Displays Signs of Recovery Post-Bitcoin Halving

Following the recent Bitcoin halving last Friday, Ethereum (ETH) is showing promising signs of recovery, stirring speculation among traders and analysts in the volatile cryptocurrency market. Currently trading below the $3,200 mark, Ethereum is seen by some as ripe for investment, with predictions suggesting a potential rise toward the $4,000 threshold.

Technical indicators, such as the Hourly Moving Average Convergence Divergence (MACD), hint at an upcoming bullish run for Ethereum. The cryptocurrency has recently moved past an early resistance level at $3,150, and now faces a higher resistance at $3,280. Surpassing this could set the stage for a significant push towards $3,800, although this would require a substantial increase in trading volume.

Ethereum is currently positioned above the 100-hourly Simple Moving Average (SMA) at $3,120, which supports a positive outlook. Market watchers are closely observing the $3,350 resistance level; breaching this mark could significantly bolster Ethereum’s market position.

However, the path to recovery is not without its potential pitfalls. A drop to around $3,010 could trigger concerns, potentially leading to a steeper decline toward the $3,000 level. Despite these challenges, the overall sentiment for Ethereum remains largely optimistic, with some forecasts even placing ETH at $5,000 by year’s end, while more conservative estimates hover around $4,385.

The Hourly MACD for ETH/USD is showing increasing momentum, potentially moving into a bullish zone soon. Additionally, the Relative Strength Index (RSI) for the pair is above 50, indicating growing gains which could lead Ethereum to an anticipated target of $3,880.

Beyond the numbers, the sentiment in the crypto ecosystem is bullish, as the market begins to react to the implications of Bitcoin’s halving. Ethereum’s future could also be influenced by regulatory developments, such as the potential approval of an Ethereum ETF by the US Securities and Exchange Commission (SEC) by the end of 2024. Despite the uncertainty surrounding this approval, the market’s speculative mood remains hopeful, underscoring a robust community desire to maintain and grow their Ethereum holdings.

Shiba Inu (SHIB) Secures $12M for Privacy-Focused Blockchain Development

Shiba Inu, a prominent player in the cryptocurrency space known for its canine-themed token SHIB, has successfully raised $12 million through a token sale aimed at developing a new privacy-focused blockchain. This initiative will enhance the security features for its users by building on top of Shibarium, its Ethereum-based layer-2 network.

Announced in a recent press release on April 22, 2024, the fundraising effort saw significant contributions from notable investment firms including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, and others, demonstrating robust investor confidence in Shiba Inu’s vision. These investors purchased TREAT, the upcoming utility and governance token that will underpin the new network.

The development of this privacy-centric blockchain is in collaboration with cryptography company Zama, focusing on integrating Fully Homomorphic Encryption (FHE). This advanced privacy tool will allow developers to work with data on untrusted domains securely without the need to decrypt it, marking a significant step forward in protecting user data.

The news of this successful fundraising follows a report by CoinDesk in February, which detailed Shiba Inu’s plans to enhance its network’s privacy capabilities. As the 12th-largest cryptocurrency by market capitalization, nearing $16 billion, Shiba Inu continues to make strides in the crypto community, aligning with broader market trends.

The project is orchestrated by Shiba Inu Mint S.A., a development entity based in Panama, emphasizing the global and collaborative effort behind this ambitious technological venture. This strategic move is expected to bolster SHIB’s position in the market, evidenced by a 2.2% increase in its value over the past 24 hours, aligning with gains seen across the broader CoinDesk 20 Index.

This development highlights Shiba Inu’s commitment to innovating within the blockchain space, ensuring that privacy and security are at the forefront of its expansion efforts. As the project progresses, the crypto community is keenly watching how this new blockchain will impact the overall utility and governance within the Shiba Inu ecosystem.

 

Furrever Token (FURR) Thrives in Presale, Capturing Investor Interest Amidst Market Growth

In the fast-paced cryptocurrency market, Furrever Token (FURR) has rapidly become a standout investment, captivating significant investor interest with a highly successful presale during a recent market surge. This unique token combines the charm of adorable kittens with the innovative technology of the blockchain, creating an engaging and enjoyable experience in a market often characterized by more serious undertones.

At the core of Furrever Token’s strategy is the development of a playful and inviting crypto ecosystem that emphasizes fun and community engagement. The platform is designed to be accessible and community-centric, featuring appealing cat-themed graphics, stickers, emojis, and visuals that not only enhance user interaction but also foster a strong sense of community through ongoing social challenges and initiatives aimed at promoting growth. This approach makes the cryptocurrency journey not only profitable but also enjoyable for both seasoned investors and those new to the market.

The tokenomics of Furrever Token are thoughtfully designed to encourage participation and support the project’s growth. Currently, 65% of the tokens have been allocated for the presale phase, with the project having already raised over $1 million. It is swiftly moving toward completing stage 7 of its planned 10 stages, with a total fundraising goal of $1.9 million set before its anticipated launch on the decentralized exchange PancakeSwap.

Furrever Token’s investment potential is underscored by its promising financial outlook, which offers investors the possibility of up to 15X returns on their initial investment, with the token currently priced at $0.000564. This lucrative opportunity has drawn significant interest from those seeking both substantial returns and an engaging community environment. To ensure trust and security, Furrever Token has implemented robust security measures, including smart contract audits and token lock-up periods, enhancing the project’s transparency and commitment to investor protection.

As Furrever Token continues to advance and attract new supporters, it positions itself as an exciting and viable project within the broader crypto market. Its blend of cuteness, community engagement, and strong potential for high returns continues to attract a diverse range of investors globally. For those interested in joining this lively community, FURR is available exclusively through its official website, furrevertoken.com, ensuring a secure and dependable platform for transactions.

Looking ahead, the future appears bright for Furrever Token and its growing community of enthusiasts, as it forges a path toward further success in the evolving world of cryptocurrency.

For further information or any assistance regarding Furrever Token, reach out only through the official channel at support@furrevertoken.com to avoid potential scams.

Discover the Most Exclusive Presale Opportunity of 2024 Now:

Furrever Token Official Website  |   Visit Furrever Token Presale 

 Join Official Telegram Group       |   Follow Official X Account

 

Media Contact:Robert Smithhttps://furrevertoken.com/support@furrevertoken.com

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

The post Ethereum (ETH) Nears $3,200 with 1.3% Gain, Shiba Inu (SHIB) Raises $12M for Privacy Blockchain, Furrever Token (FURR) Hits $1M in Presale appeared first on Visionary Financial.

TL;DR

Santiment’s latest ranking shows which cryptocurrencies have accounted for the most development activity over the past 30 days.

Interestingly, Bitcoin (BTC) is not included in the top 10 list, while Ethereum (ETH) is at the bottom.

The Latest Ranking

The crypto market intelligence platform – Santiment – revealed which digital currencies have been most active in terms of development frequency over the last 30 days. Optimism (OP), Cardano (ADA), and Hedera (HBAR) are those placed in the first three spots, while Polkadot (DOT) and Kusama (KSM) rounded up the top 5 list. The second-largest cryptocurrency by market capitalization – Ethereum (ETH) – was placed ninth. 

“Our platform pulls notable github activity from project repositories via a back-tested process to ensure only a team’s significant efforts to innovate and improve are included,” Santiment explained.

Earlier this year, ADA topped the same ranking, leaving behind DOT in the second spot and KSM in the third. BTC was not included in the top 10 list (just like the latest data shows), while ETH claimed the tenth position.

ADA and DOT Price Outlook

Both cryptocurrencies have performed quite well on a seven-day scale, witnessing price spikes of 11% and 14%, respectively.

Earlier this month, the popular X user Ali Martinez presented a chart showing that ADA’s valuation “is exactly where it should be.” He believes the token is poised to reach $1.70 as long as it enters the $0.55-$0.80 range. Currently, it hovers around the $0.50 mark (per CoinGecko’s data).

Those interested in exploring additional ADA price predictions, please take a look at our dedicated video below:

DOT was also projected to reach new heights in the near future. The X users World of Charts, CRYPTOWIZARD, and CryptoYoddha envisioned a rally towards the $15-$20 level. 

Michael van de Poppe and Flash went even further, revealing they have added Polkadot’s native token to their personal portfolios.

The post Cardano (ADA) and Polkadot (DOT) Outperform Ethereum (ETH) on This Front: Details appeared first on CryptoPotato.

In the dynamic realm of cryptocurrency markets, Ethereum emerges as a frontrunner, captivating investors’ attention with its remarkable ascent. Surpassing the $3,120 mark, Ethereum maintains its upward trajectory, igniting optimism among enthusiasts and traders alike. But what lies beyond this surge? Let’s delve into the intricacies of Ethereum’s price movement and uncover the key resistance levels steering its course.&middot

For the full story, head over to TheCurrencyAnalytics.com.

According to Foresight News, Web3 data infrastructure provider Syntropy has announced its rebranding to Synternet. The company positions itself as a Layer1 blockchain, providing data infrastructure for a unified, composable Web3 environment. The transition from Syntropy to Synternet will not affect the holders of the NOIA token, which continues to operate on the Ethereum network. Currently, no action is required from the token holders.

Synternet has pledged to launch the Synternet blockchain mainnet in the coming months, introducing a cross-chain bridge between Ethereum and Cosmos. This move is part of the company's commitment to enhancing the interoperability and functionality of the blockchain ecosystem. The rebranding is seen as a strategic move to better align the company's name with its mission and future plans.

Despite a 2.5% gain today, Ethereum is grappling with formidable resistance levels, particularly in the range of $3,170 to $3,270. This resistance zone is significant, as it is backed by 1.63 million addresses holding a collective 4.45 million ETH. 

#Ethereum encounters strong resistance between $3,170 and $3,270, with 1.63 million addresses holding 4.45 million $ETH . Breaking past this barrier could propel #ETH toward $3,650! pic.twitter.com/Ko74nHdpTj

— Ali (@ali_charts) April 23, 2024

Surpassing this hurdle could potentially propel ETH towards the $3,650 mark, offering traders and investors a bullish outlook. Currently, Ethereum is trading at $3,253, reflecting the ongoing battle between buyers and sellers in the market.

In recent hours, notable activity has been observed involving wallet 0x4359, possibly linked to Justin Sun. This wallet withdrew a substantial amount of 15,389 ETH, valued at $49.78 million, from Binance.

Since April 8, Justin Sun, or the entity behind wallet 0x4359, has been actively accumulating ETH, having purchased 147,442 ETH totaling $469.9 million at an average price of $3,179. 

0x4359 (possibly #JustinSun) withdrew 15,389 $ETH ($49.78M) from #Binance again 8 hours ago and he had bought 147,442 $ETH ($469.9M) at $3,179 since Apr 8.https://t.co/41366OnM5Yhttps://t.co/PXIswFqWum pic.twitter.com/0J77rbZhFB

— Lookonchain (@lookonchain) April 24, 2024

This accumulation suggests a strategic move by Sun, potentially indicating participation in staking and restacking activities within the Ethereum ecosystem.

Hong Kong Bitcoin And Ethereum Spot ETF Launch

In other developments, the launch of the Hong Kong Bitcoin and Ethereum Spot ETF is eagerly anticipated, scheduled to commence trading on April 30. According to a spokesperson from HashKey, the ETF will adopt an in-kind approach, which is particularly appealing to crypto natives, market makers, and digital-asset exchanges. 

This approach offers greater efficiency and arbitrage opportunities, potentially attracting significant interest from institutional and retail investors alike.

The Hong Kong Bitcoin and Ethereum Spot ETF will begin trading on April 30, according to a HashKey spokesperson. Wintermute said the in-kind approach particularly appealing to crypto natives, market makers and digital-asset exchanges as it enables greater efficiency and arbitrage…

— Wu Blockchain (@WuBlockchain) April 24, 2024

As Ethereum navigates through resistance levels and awaits the ETF launch, market participants remain vigilant, closely monitoring price movements and whale activity. 

The outcome of these developments could shape Ethereum’s trajectory in the near term, influencing sentiment and investment decisions across the crypto market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: stevanovicigor/123RF // Image Effects by Colorcinch

The post Ethereum Faces Resistance Amidst Market Gains: Justin Sun’s Activity And ETF Launch Awaited appeared first on The Merkle News.

According to CryptoPotato, Nubank, a São Paulo-based fintech, has introduced a new feature that enables Bitcoin and cryptocurrency withdrawals and deposits. This development allows customers to send and receive Bitcoin, Ethereum, and Solana through the Nubank app. The withdrawal and deposit options are currently available for users to explore on the app's main crypto screen.

The launch initially supports three cryptocurrencies, but Nubank intends to expand this offering soon. Users are advised to consider several factors before completing a transaction. Withdrawals may incur variable fees depending on the chosen network, and crypto transactions could take around 60 minutes. Users must also ensure that the selected network and currency are compatible with the Nubank wallet. The bank stresses the importance of sending assets to supported networks and correct addresses, as errors could lead to irreversible loss of funds.

This new feature from Nubank is expected to further stimulate Brazil's burgeoning crypto environment. As the largest fintech bank in Latin America, boasting a customer base of 80.4 million in Brazil and millions more in Mexico and Colombia, Nubank's foray into cryptocurrency marks a significant stride towards mainstream acceptance. This move follows closely on the heels of Itau Unibanco, Brazil's largest bank, which entered the cryptocurrency exchange market in early December 2023.

Brazil is among the top Latin American countries in terms of cryptocurrency adoption. It is one of three nations demonstrating strong 'grassroots adoption' and ranks within the top 20 on Chainalysis' Global Crypto Adoption Index.

The post Ethereum Sees Decline In Whale Interest Amid Rising Bearish Threats: What’s Next For ETH Price? appeared first on Coinpedia Fintech News

Ether price witnessed a severe drop a few days ago, currently failing to maintain a trading position around $3,300. Whenever ETH approached the $3,000 mark, buyers stepped in, defending the support. However, those short-term buyers then exit the market at a peak price. As a result, there’s a steep decline in whale interest, resulting in a decline in volatility for ETH price.

Large Transaction Volume Declines By Billions

According to CoinGlass liquidation data within the past 12 hours, positions worth $110 million have been liquidated. Notably, Ether and BTC positions dominate, with HBAR also witnessing significant liquidations amounting to $7 million, attributed to the token’s surge in volume surpassing $1 billion. Additionally, there were $2.3 million in PEPE liquidations.

Last week, the market experienced a robust recovery following Bitcoin’s halving event, triggered by increased accumulation. However, with short-term holders beginning to sell, the market is currently correcting, and Ethereum’s price is facing a significant selloff at resistance levels.

Data from IntoTheBlock shows that the volume of large transactions involving Ethereum has declined over the past week, dropping from a high of $7.7 billion to $5 billion. This reduction suggests that the recent price drop has deterred major investors from purchasing Ethereum, leading to decreased volatility. In fact, Ethereum’s volatility has reduced from 62% at its peak to 53%.

However, the NVT ratio, which compares the network value to transaction volume, has fallen over the past 48 hours as Ethereum tried to break above $3,300. The faster rise in transaction volume compared to the network value led to a reduction in the NVT ratio toward 60, indicating that Ethereum might be undervalued. This could signal potential for a strong rebound in the coming days.

What’s Next For ETH Price?

Ethereum price surged toward the $3,300 mark; however, it faced intense selling pressure around the level, resulting in a minor correction. As a result, ETH price is currently dropping below immediate Fib levels, testing buyers’ patience at $3,100. As of writing, ETH price trades at $3,162, declining over 2.1% in the last 24 hours.

The 20-day EMA appears to be leveling off, and the Relative Strength Index (RSI) is declining below the midpoint, suggesting a rising bearish dominance. If Ether’s price declines from the 20-day EMA, it might fall to $3,056. This level is crucial for the bulls to hold; failing to do so could lead to a further drop to $2,850.

Conversely, if Ether rebounds above the 20-day EMA, it could empower the buyers. The price could then ascend to the 50-day Simple Moving Average (SMA) at $3,586 and potentially reach $3,700. Surpassing this resistance would indicate that the downturn may have ended, sending the ETH price to consolidate around $4,000.

Currently, the long/short ratio for ETH price is surging, nearing the 1.32, suggesting rising bullish dominance.