The post Ethereum Could Retrace $3300 If Looms Below This Interesting Zone appeared on BitcoinEthereumNews.com.

Ethereum price seemed to be retreating from the highs in the last couple of weeks. The bears seemed to be returning back after a short bull run. The broader crypto market also seemed to be cooling down in the 1st half of last month. However recent sessions showed that Ethereum price was stabilizing near the 50 day Exponential moving average. Also, the daily chart witnessed the formation of an interesting pattern. At the time of writing, ETH was hovering close to the $3507 mark, having recorded a moderate gain of 0.40%. Furthermore, analysts assumed one more dip before a possible breakout from the correction phase. Also, there has been a significant development in the daily active addresses in the recent sessions. Ethereum Crypto: Daily Active Address on the Rise! Ethereum price saw an almost 7% drop in the price this month which may increase if the bearish pressure extends. Despite the price drop, there has been a significant development in the active addresses count in the recent sessions.  As per the data obtained by app.santiment.net, the daily active addresses and 7-day active addresses count have reported a positive growth despite the price drop. The daily active address count has increased from 400.8K in the 1st week of June to 468K. On the other hand, the 7 day active address count has jumped from 21.8 million to 2.47 Million. The active address count reveals the number of unique addresses which are involved in the transactions over a given period of time. An increased count in the active addresses generally indicate a possible price surge. Analysts Anticipate Another Dip in ETH! The daily ETH/USD chart highlights the formation of a symmetrical triangle pattern with the price currently resting near the psychological $3500 level. Any breakdown could further drag the price towards the…

---

Filed under: News - @ June 23, 2024 1:18 pm