• Ethereum Down 3.5%: What Is Going On?

    来源: Buzz FX / 26 11月 2024 10:50:15   America/Chicago


    Ethereum (CRYPTO: ETH) is attracting significant attention, as traders anticipate a potential rally supported by seasonal trends and robust fundamentals.





    What Happened: Trader MaxBecauseBTC on X highlighted that December through April, especially following a Bitcoin halving, is historically the best time to hold Ethereum.





    He warned traders to remain vigilant, noting Ethereum’s quick price moves often leave few opportunities to enter.





    Crypto trader Ali Martinez predicts ETH to rebound to $3,560, while The Moon Show cautions that the altcoin must hold current levels to avoid a drop to $3,150.











    Jelle, another trader, pointed out Ethereum’s resemblance to Bitcoin's 2018-2020 trendline.





    He noted that when Bitcoin broke out, it rallied for months, suggesting Ethereum could follow a similar pattern.





    Also Read: 4 Reasons Why Ethereum Will Still Outperform Bitcoin—Analyst Sees $4,000 To $6,000 As Target





    Why It Matters: CryptoQuant analysts reported a net inflow of over 10,000 ETH into staking, attributed to rising prices, improved infrastructure, and institutional interest.





    This inflow is considered a bullish signal for Ethereum's ecosystem and long-term growth.





    IntoTheBlock data shows large transaction volume increasing by 212.8% and daily active addresses up by 3.3%. Transactions greater than $100,000 are up from 5,921 to 10,464 in a single day. Exchanges netflows are down by 1,253.4%.





    Coinglass data shows Ethereum's derivatives trading volume spiked 78.9% to $78.09 billion, with open interest at $21 billion, further underscoring strong market participation.





    Price Action: Ethereum is trading at $3,340 at the time of writing, down 3.5% over the past 24 hours.





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    Image: Shutterstock


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