Ethereum remains within the $2.6K range. Market sentiment shows signs of fear.
Current Price and Market Sentiment
The crypto market showed minor dips in market cap and trading volume this week. Bitcoin, the largest cryptocurrency, is trading below $59K. Ethereum, the largest altcoin, saw significant losses, dropping to $2.2K. According to CMC data, at the time of writing, the token price was $2,512 with a daily dip of 0.81%. The price range of Ethereum fluctuated between $2.6K and $2.7K from last Saturday until August 27th, after which the price slid below $2.6K.
Major Investors Movements
A major holder (whale) recently claimed 30,007 ETH worth $78.67 million and deposited 24,007 ETH ($61M) to Coinbase, retaining 6,000 ETH valued at $15.16 million. Meanwhile, a new wallet withdrew 21,912 ETH ($55.32M) from Coinbase and staked it in Lido. Over the last 24 hours, there was a $17.52 million liquidation according to CoinGlass. The daily trading volume of ETH has plummeted by 23%, amounting to $14 billion.
Possible Development Scenarios
Ethereum observed a notable decline of 23.91% over the last month, trading at a low of $2,226. The price continued to fall over the past week with a 4.38% plunge. The price range was between $2,809 and $2,433. The relative strength index (RSI) is set at 39.47, close to the oversold zone. Short-term moving averages (9MA and 21MA) indicate a bearish trend, positioned above the current price at $2,622 and $2,623 respectively. A breakout at $2.6K could allow ETH to test the resistance at $2,696. Conversely, if the price falls below $2.5K, it could lead to a prolonged consolidation, pushing the price to $2,353.
The market situation for Ethereum remains uncertain. It is important to closely monitor price changes and market sentiment to make informed decisions.
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