Ethereum faces a brick wall resistance at this price

Ethereum (ETH), a leading player in the cryptocurrency market, is currently facing a formidable resistance level at $3,200.

This specific ETH price point has emerged as a significant barrier due in part to the substantial holdings of approximately 2.43 million addresses, which collectively possess 5.14 million ETH as detailed by crypto analyst Ali Martinez using IntoTheBlock data on X (formerly Twitter).

As of the latest market data on April 29, Ethereum is priced at $3,172.98, marking a decrease of 4.5% within the past day and a modest retreat of 0.9% over the last week.

Picks for you

Recharging required: Can EV stocks bounce back from recent lows? 58 mins ago
3 cryptocurrencies under $0.10 to buy in May 59 mins ago
Dolomite to launch its Lending Protocol with X Layer 2 hours ago
Bitcoin's last stand: BTC faces buoyant target amid price bottom calls 2 hours ago

Despite these fluctuations, Ethereum maintains a strong market capitalization of $15.2 billion. Notably, the ETH/BTC ratio has remained relatively steady since the launch of Bitcoin ETFs in January, an indication of Ethereum’s resilience in capturing investor interest even amidst significant Bitcoin inflows totaling $12 billion this year.

The perception of 2024 as a challenging year isn’t universally shared among market watchers. Cryptocurrency strategist Michaël van de Poppe recently noted a positive shift, pointing out that Ethereum has achieved its highest ratio against Bitcoin in the past two weeks, suggesting a burgeoning strength that could indicate the start of a market rotation favoring Ethereum.

Analyzing the ETH $3,200 resistance

The resistance at $3,200 isn’t merely a numerical threshold but a complex confluence of market sentiment, historical trading behaviors, and substantial asset accumulation. This level represents a convergence point where past buyers might look to break even or secure profits, potentially leading to increased selling pressure.

For Ethereum to surpass this resistance, it would require not just favorable market conditions but also a shift in investor sentiment, potentially spurred by broader market recoveries or significant positive developments within the Ethereum network itself, which won’t be boosted by the latest rumours that regulators are expected to deal major blow to U.S. crypto market by not approving an Ethereum ETF.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Bitstamp Officially Lists PEPE & Solana (SOL) In The US

Hình ảnh
Cryptocurrency exchange Bitstamp announced it is officially listing both PEPE and Solana (SOL) in the United States. Indeed, the platform took to X (formerly Twitter) to announce it is listing both the third largest non-stablecoin and meme coin by market cap, respectively. The move is a reversal for SOL, as Bitstamp announced it was ending trading for the crypto in August of 2023. The exchange noted that Solana and six other cryptocurrencies would be “permanently” suspended following a US Securities and Exchange Commission (SEC) qualification that they were unregistered securities. JUST IN: Bitstamp officially lists $PEPE, and Solana $SOL in the US. — Watcher.Guru (@WatcherGuru) November 29, 2024 Also Read: Coinbase Officially Lists Memecoin PEPE Solana Returns, PEPE Debuts on Bitsamp in the US It has certainly been an important year for cryptocurrencies. Although two crypto-based ETFs were approved in the United States, the country took a massive shift as Donald Trump...
Đọc thêm

Charting a Tax-Free Voyage, Moonbag Conquers the Top Crypto Presale in June 2024 Amidst Dogecoin’s Tax Woes and Bitbot’s Charges

Hình ảnh
Crypto's a treasure hunt, but unlike pirates, your gains sometimes get taxed with hidden fees. While Dogecoin may seem simple, surprise tax implications can leave you empty after a big win. Even Bitbot's promise of revenue-sharing gets tangled in transaction fees, leaving you wondering where your profits went. Step into the world of MoonBag, a beacon of clarity in the murky realm of meme coins. Fueled by Ethereum, it offers a revolutionary tax-free experience. With a hefty $3.5 million liquidity pool and a strategic buyback program, it ensures your investment thrives. Moreover, users can earn an impressive 88% APY reward through staking. MoonBag presale’s rapid ascent to $2 million within a month is no surprise, given its unbeatable benefits for investors. While it has emerged as the top crypto presale in June 2024 , Dogecoin and Bitbot investors keep a keen eye on MBAG coin’s predicted surge to $1 by 2025.  Let’s dive deeper. Bitbot: Tax-Sharing Genius or...
Đọc thêm

Currently, 51% of Ethereum blocks are censorable. The time has come for Flashbots to end

Hình ảnh
Join Our Telegram channel to stay up to date on breaking news coverage Censorious MEV-Boost relays, notably Flashbots, are producing an increasing number of Ethereum blocks. If the MEV organization truly cares about Ethereum, it might think about ceasing operations so that developers can put a long-term fix in place. 51% of blocks are threatened with censorship The MEV censorship issue in Ethereum is getting worse by the hour. MEV Watch reports that 51% of yesterday’s Ethereum blocks were created by so-called “OFAC compliant” MEV-Boost relays, which are relays that have publicly announced their intention to censor future transactions via Tornado Cash or other protocols targeted by the U.S. Treasury. Arbitrage opportunities discovered by rearranging transactions within a block while it is being produced are referred as as MEV, or “Maximum Extractable Value.” For on-chain merchants and validators, Flashbots and other MEV-Boost relays essentially ac...
Đọc thêm