Ethereum Price Analysis: Will ETH Break the $2K Mark Soon?
- Ethereum (ETH) hit the $2K mark twice this year, in April and July.
- The largest altcoin exhibited a year-to-date (YTD) gain of over 55.02%.
- A whale initiated a notable dump of over 16K ETH over the past 24 hours.
Ethereum (ETH), the largest altcoin by market capitalization, has experienced fluctuations in the crypto market. Similar to Bitcoin (BTC), ETH also struggles to surpass its key resistance – the $2000 level.
Following the positive Ripple lawsuit verdict, the Ethereum (ETH) price experienced a sudden surge, alongside several altcoins. On July 14, Ethereum reached the $2K mark for the second time this year. Currently, the largest altcoin has failed to trade above the $2K range and has clearly shown a downtrend.
Ethereum (ETH) Price Analysis: 24-Hour Timeframe
At the time of writing, the trading price of Ethereum (ETH) was around $1,856, with a surge of over 0.37% in the last 24 hours. According to CoinMarketCap data, the daily trading volume of ETH crossed $5.8 billion, experiencing an increase of 29.89%.
he daily price chart shows the bearish price movement of ETH as the current price hovers below the 50-day exponential moving average (50 EMA). Moreover, according to the daily RSI, Ethereum (ETH) withdrew from its neutral territory and is found to inch closer to the oversold zone.
ETH has been trading within a horizontal channel since mid-April. Since then, this cryptocurrency faced rejections at the $2,000 level. However, on July 14, ETH did exhibit a brief spike to hit its monthly high at $2,028. If the largest altcoin experiences a breakout, it might rally to attain its nearest resistance at $1916 and even advance further to $2021. Conversely, if ETH resumes a further downside, it would retrace to new lows at $1818.
A Massive Ethereum Whale Transfer Detected
The on-chain analytics platform Lookonchain reported massive activity in the last 24 hours. After the recent market crash, an anonymous whale account dumped 16,751 ETH tokens, worth $30.8 million, on the crypto exchange Binance. Simultaneously, the whale has withdrawn 30.8 million USDT. The market now looks forth to witness the impact of this huge ETH deposit.
Read more: https://thenewscrypto.com/ethereum-price-analysis-will-eth-break-the-2k-mark-soon/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
