Ethereum price shows a slight uptick of 1.26% to $2654 during the Friday trading session. The ease from the mid-week sell-off has bolstered Bitcoin’s price to regain $60000 while igniting a fresh relief rally in the altcoin market. The rising ETH price is heading to $2750 resistance, a pivotal zone that could bolster new recovery to continue the prevailing correction.
Ethereum Price Holds Key Support Amid Major ETH Transfer to Exchange
According to blockchain data by Arkham Intelligence, a Gnosis Safe Proxy address associated with Metalpha has recently transferred a substantial 10,000 ETH to Binance, valued at $26.02 million.
Amid the transaction, the Ethereum price held steady above $2600, while the market cap recorded at $315.5 Billion.
Metalpla, an asset management company affiliated with Bitmain, the largest Bitcoin mining company, had earlier applied to Lido to redeem 10,000 ETH. This transaction underscores Metalpha’s active role in managing substantial cryptocurrency assets, possibly in preparation for strategic financial maneuvers within the market.
ETH Price Teeters at Pivot Point
In the past two weeks, the crypto market witnessed a relief rally concerning the aggressive correction in July. The bullish turnaround uplifted the Ethereum price from $2111 to $2620, registering a growth of 24%.
The rising price will likely challenge the downsloping trendline at $2750, which previously acted as major support amid market consolidation. From March to early August, the Ethereum price prediction showcased a sideways action resonating between two parallel trends of rectangle patterns.
The lateral trend at a notable high indicates the distribution phase—the stage in the market cycle where large investors gradually sell off their positions to retail traders.
Thus, the ETH price retest of the $2750-$2775 region could recuperate the selling pressure and prolong the market downfall. A recent death crossover among 50-and-200-day EMA backs the bearish outlook.
The potential will plunge the asset 19% down to hit $2127, while further breakdown could retest $1900 support.
On the contrary note, Ethereum has bounced 61.8% Fibonacci retracement level, which is often considered a healthy correction for buyers to regain bullish momentum. Moreover, the ADX indicator at 39% high accentuates the sellers led an overhead extended rally, often attracting dip buyers in the market.
Therefore, a potential breakout from the overhead resistance will secure strong support and weaken the bearish thesis. The post-breakout rally could drive the asset over 20% to target $3400.
Frequently Asked Questions (FAQs)
The recent death cross, where the 50-day EMA crosses below the 200-day EMA, suggests a bearish outlook for Ethereum. This technical indicator often signals a potential decline
A bullish breakout above the $2,750 resistance could renew momentum for Ethereum, potentially driving the price past $3,500.
The key levels to monitor are the $2750 resistance and the $2127 support. A breakout above $2750 could trigger a bullish rally, pushing the price towards $3400.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/ethereum-price-2000-10k-eth-exchanges/
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