The post Ethereum (ETH) Price Signals Midterm Bearish Outlook amid Heightened Whale Buying Pressure appeared on BitcoinEthereumNews.com.

Coinspeaker Ethereum (ETH) Price Signals Midterm Bearish Outlook amid Heightened Whale Buying Pressure Ethereum (ETH) price has struggled to rally beyond $4K despite the recent approval of spot Ether ETFs in the United States and Hong Kong. Ethereum price closed the past two weeks on a bearish outlook, which could trickle down to this week. Furthermore, Bitcoin (BTC) price slipped below $70K on Monday after experiencing major resistance of around $72K. The entire altcoin industry opened this week with a bearish outlook amid high-impact news from the United States. On Wednesday this week, the United States Federal Reserve will release its highly anticipated funds rate. While market economists anticipate a hold on Federal Reserve rates, the European Central Bank (ECB) has already initiated its rate cuts from 4 percent to 3.75 percent. Additionally, the Bank of Canada initiated interest rate cuts, thus adding pressure on the Federal Reserve to follow the same direction. The United States Bureau of Labor Statistics will also release crucial data on the Consumer Price Index (CPI) on Wednesday. Cumulatively, the high-impact news will significantly impact the crypto industry with increased volatility. Ethereum Whales on the Move According to on-chain data analysis provided by Glassnode, Ethereum addresses holding at least 10,000 Ether units increased by about 3 percent in the last three weeks. Already, Ethereum supply on centralized exchanges is at an eight-year low, which is an indication that long-term buyers are relentlessly accumulating the altcoin. The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com/7qq5HgGP37 — Ali (@ali_charts) June 9, 2024 The Ethereum supply-demand shock will further tighten after the listing of the approved spot Ether ETFs in the United States. Already, BlackRock has announced a $10 million seed for…

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Filed under: News - @ June 10, 2024 2:22 pm