The post Will Ethereum (ETH) Hold the $3K Line or Drop Below? appeared on BitcoinEthereumNews.com.

Ethereum trades at $3.1K, reflecting a 2.30% loss over the last day. The market witnessed a liquidation of $90.57 million in Ethereum. The cryptocurrency market shook off the bearish pressure and surged to a $2.73 trillion market cap. Bitcoin (BTC), the largest asset, leads the charge, hitting its all-time high at $81.8K. Notably, Ethereum (ETH) has overcome the $3K mark, a crucial resistance that has held firm for the past few weeks. The price explosion of both assets might bring in bullish sentiment in the crypto market. As per analysts’ findings, Ethereum’s bullish movement could lead to a remarkable rally. And this breakout could fuel the upcoming altcoin season.  Apart from the overall bullish signals, the largest altcoin has lost 2.30% over the past 24 hours. However, due to the bearish price action, ETH chose a downside rally for the day. At press time, Ethereum is trading at $3,139. Throughout the day, the asset has dipped to a low of $3,073 and surged to a high of $3,249. It’s significant to point out that the market observed a liquidation of $90.57 million worth of Ethereum during this timeframe. In the meantime, the daily trading volume of ETH stays at 44.99 billion.  A Genesis-related wallet, inactive for nearly 3 years, has transferred 1,550 ETH worth $5 million to Coinbase. The wallet has received 6,292 ETH back on July 30, 2015. Notably, the whale transaction data reveals a surge in activity from key stakeholders. That triggered Ethereum to reach a 14-week high. Additionally, ETH transaction volume has spiked, reaching $10.4B in recent days, signaling increased market participation. How Will ETH Move Next? The technical indicators of the ETH/USDT trading pair exposed a brief negative sentiment as the Moving Average Convergence Divergence (MACD) line settled below the signal line. This indicates the arrival…

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Filed under: News - @ November 11, 2024 11:22 am