Ethereum Losses $3,300 Amid Falling Trading Volume: Reason To Worry?
Ethereum is falling, shrinking below $3,300. Even so, bears will take over if the coin slips below $3,000 as they aim for $2,800
Ethereum is under pressure at press time. Even though the uptrend remains, at least reading from how prices have been reacting in recent days, conservative traders should be cautious. As it is, ETH bulls must maintain the support at $3,000. However, for buyers to truly shine, a decent, high volume close above $3,500 will be crucial. Possible drivers feeding this upside momentum would be inflows to spot ETFs and the changing political environment favoring cryptocurrencies.
As ETH comes under fire, the coin is firmly in second, tracking Bitcoin. However, as the coin falls, it is down 5% in 24 hours but largely stable in the past week. As prices slide, the average trading volume is unexpectedly low, at just $18 billion.
Amid the optimism, traders are keeping tabs on the following trending Ethereum news:
- A week after the launch of spot Ethereum ETFs, it seems that the battle for dominance will pit BlackRock and Bitwise. The two continue to attract investors mainly due to their relatively low fees. Meanwhile, ETHE continues to see outflows.
- Sentiment was dumped yesterday after a dormant whale woke up after nine years and sent coins to a new address. It remains to be seen whether the whale will sell. So far, the entity controls 2,000 ETH earned from the ICO.
Ethereum Price Analysis
ETH/USD is falling at spot rates, looking at the formation in the daily chart.
Even though buyers are hopeful, cracks are forming after the coin fell below $3,300.
The confidence surrounding the success of spot Ethereum ETFs is vital, but this has not revived demand and lifted the coin higher.
More conservatively, there will be opportunities to ride the trend if buyers conquer $3,500.
If, on the other hand, ETH dumps below $3,000, the coin will rapidly retest $2,800 and July 2024 lows.
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