Ethereum
Ethereum Price: What is happening with ETH price today: May 13, 2024?
Ethereum price has been on a roller coaster ride over the past few weeks as the price has seen multiple highs and lows. The second largest cryptocurrency, Ethereum (ETH), decreased by more than 11% in a month, by 9.31% in a week and by almost 2% in the last 24 hours. So, what is happening with the price of Ethereum? Will there be a recovery soon? Let’s discuss it in this blog.
Ethereum (ETH) Price Analysis
The price of Ethereum has continuously fallen in recent days after the crypto market decline. At the time of writing, ETH is trading at $2,892.53, the lowest value in two months. However, trading volume saw a 35% surge, pushing the value to $8,291,166,546.
It’s because of the current whale interaction on the network that interfered with the feelings of the Ethereum holder. According to Spot On Chain data, a single whale deposited 4,153 ETH worth $12.2 million worth of ETH tokens on the Coinbase Exchange. As a result, Ethereum is in a selling zone where its MACD And exponential moving averages indicate selling pressure on the token.
Will the price of Ethereum recover soon?
As the overall market is declining, Bitcoin Price also went from $63,000 to $60,000. Seeing a momentary drop in Ethereum prices is not a huge deal. However, a few analysts have raised the possibility of ETH prices falling to the low of $2,500.
Benjamin Cowen, a crypto analyst, monitors the ETH Price against BTC and has been talking about bearish Ethereum for a long time. He believes that Ethereum could decline and stabilize around the April 2021 level of $2,500.
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ETH price has already broken the key resistance line of $2,910 and continues to move higher. downtrend. The next support lies at the $2,865 level, and if Ethereum price moves, Ethereum could drop to an even lower value of $2,650.
On the other hand, if Ethereum reaches the upper support level of $2,950, the price could reach $3,250 in the coming days.
Final Thoughts
Ethereum holders feelings are also affected by the SEC’s upcoming announcement on the Ethereum Spot ETF proposals. After several delays, the result will be released by the end of the month, but the possibility of approval continues to decrease every day, impacting the price of Ethereum. A market turnaround with positive results from SECOND is the biggest hope for ETH holders to see the token move closer to the ATH target of $4,891.70.