Ethereum loses Mojo, $2,260–$2,100 within ETH Range

Ether's trading volume has also decreased, returning to late-April levels. Should this low volume continue and ETH maintains the $2.5K support

Quick overview

  • The super altcoin lost resistance at the 200-day SMA but found support at the $2.5K level after a rejection at $2.7K.
  • Ether's trading volume has decreased, and if it maintains the $2.5K support, it may enter a consolidation phase.
  • Most accumulated ETH is moving to staking protocols, contributing to bullish momentum as the total staked ETH has been rising.
  • Abraxas Capital's significant ETH withdrawals from exchanges and the rapid adoption of the Pectra upgrade indicate strong market activity.

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The super altcoin lost resistance at the 200-day Simple Moving Average (SMA) but found support at the $2.5K key level following a rejection at $ 2.7 K.

 

Ether’s trading volume has also decreased, returning to late-April levels. Should this low volume continue and ETH maintains the $2.5K support, it may post a consolidation. If ETH drops below the $2.5k key level, it may find support in the $2,260–$2,100 range.

According to CryptoQuant data, most of the accumulated ETH may be moving to staking protocols because the total amount of ETH staked has been rising since May 6, which is further boosting the bullish momentum.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are in their overbought regions, meaning the altcoin will likely trend lower.

Abraxas Capital was on an ETH buying spree on Friday, another significant factor contributing to the increased exchange ETH net outflows. Data from the on-chain wallet tracker Lookonchain shows that since May 7, the company has taken  278,639 ETH from centralized crypto exchanges.

The massive withdrawals on Friday followed a minor drop in ETH’s price between Wednesday and Thursday, which was partially caused by investors realizing they had made over $1.05 billion from the cryptocurrency’s recent surge.

More than 11,000 EIP-7702 authorizations have already been processed in a week, demonstrating the rapid adoption of the Pectra upgrade.

ABOUT THE AUTHOR See More
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks the financial markets with over 15 years of working experience in investment trading.

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