Ethereum
Ethereum (ETH) whales move 36,000 as recovery begins
Ethereum is now on the path to recovery after a retracement on the weekly timeframe. ETH reached the $3,000 price level today, indicating the return of buyers.
Whale activity increased again amid the price recovery, with over 36,000 ETH tokens moved. Will this affect Ether prices?
Ethereum Whale Movement Influences Ether Price
According to on-chain analytics platform Whale Alert, 36,763 ETH was moved within the last day.
One whale address transferred 25,772 ETH to Coinbase Institutional, a major crypto exchange, and another whale acquired 10,990 ETH from Coinbase during the same period.
These transactions coincide with Ethereum price fluctuations, which has sparked mixed feelings among market participants.
Meanwhile, Ethereum’s price rose slightly today, trading at $2,980 as of 5:37 a.m. EST, with a 24-hour increase of 1.4%. Monthly charts suggest that the token has entered a consolidation phase, marked by sharp swings around the $3,000 price level.
Ethereum Spot ETF’s decision likely to affect its price
The uncertainty surrounding the Ethereum ETF spot approval by the United States Security and Exchange Commission (SEC) is a major factor affecting the price of Ethereum.
While enthusiasts are hungry for approval, MicroStrategy CEO, Michael Saylor, criticizes an Ethereum ETF. According to Saylor, Ethereum is a security. Therefore, the SEC would never approve an ETF for altcoin.
This assertion from Saylor comes just 20 days before the final ETH ETF deadline on May 23. The SEC will approve or reject an Ethereum ETF application on this date.
Saylor also believes that other altcoins such as BNB, SOL, Cardano and XRP will be classified as unregistered securities. He noted that Bitcoin is the only one attracting institutional acceptance and that there is no second-best token.
While opinions are divided on the approval of the Ethereum ETF, a positive response will likely attract more investors. If the ETFs are approved, Ethereum will likely see a massive rally.
However, nothing is certain yet and a decline is imminent for Ether if the SEC rejects the one-time approval of ETH ETF.
What future for Ethereum?
ETH formed a red candle on the daily chart after hitting $3,000 earlier today. Sellers continued to pile on the pressure, causing a decline to the $3,032.8 resistance level.
However, ETH found support at the $2,938.2 price level, which is key to avoiding further decline.
The Parabolic SAR indicator has moved above the candles, a bearish signal of further decline. This confirms the bearish signal displayed by the RSI, which stands at 39.08, approaching the oversold region.
Given the upcoming spot ETF decision and the current mixed market sentiment, Ethereum price is at a critical conjecture. It could remain consolidating in the coming days until a decision is made, which would propel it higher or trigger a downturn.
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