Ethereum Climbs 5% Despite Major Sell-Off Preparations
- Ethereum (ETH) has risen over 5% to $2,750 in the past 24 hours, indicating a market upturn.
- Jump Trading moved 17,049 ETH, worth $46.44 million, possibly in preparation for a sell-off.
As the crypto market regains momentum, attention is drawn to the upcoming US election, which will have a huge impact on digital assets. Ethereum (ETH), the second-largest cryptocurrency by market cap, has climbed more than 5% in the past 24 hours, trading above the $2,750 zone. This surge comes at a time when the overall cryptocurrency market is witnessing a recovery, led by gains in Bitcoin (BTC), which has risen 3.5% to the $61,000 range.
The rally in Ethereum occurred while Jump Trading, a major crypto market maker and trading firm, recently transferred 17,049 ETH worth approximately $46.44 million. This move likely signals a preparation for a sell-off. Despite this, Ethereums rally continues.
Blockchain analyst Lookonchain highlighted that this ETH, withdrawn from the liquid staking platform Lido, is likely being moved for sale. Despite this potential sell-off, Ethereum has shown strong performance. The crypto rebounded from recent declines and recorded a 12% gain over the past week.
Will Ethereum Surpass the $3,000 Zone?
Ethereum breaks out of its consolidation period from last week. According to Ethereums daily chart, the upward trend could continue. Technical indicators like the Moving Average Convergence Divergence (MACD) suggest a potential bullish crossover. Additionally, the Chaikin Money Flow (CMF) shows positive momentum. This indicates that further price increases may be on the horizon.
If Ethereum continues its rally and soars above the crucial resistance at $2,800, the altcoin could see an immediate rise to the $3,000 zone again. If that level is reached, Ethereum might set fresh gains above $3,250 and reach as high as $3,500. This would result in more gains for Ethereum, potentially pushing it to the $4,000 zone.
On the downside, if ETH fails to hold above the key support at $2,650, it may find immediate support near $2,500, followed by the $2,300 range. Trading below $2,300 could send Ethereum further down to the $2,000 zone again.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
