The post Will Ethereum Price Crash Below $2,000 as 10K ETH Hits Exchanges? appeared on BitcoinEthereumNews.com.

Ethereum price shows a slight uptick of 1.26% to $2654 during the Friday trading session. The ease from the mid-week sell-off has bolstered Bitcoin’s price to regain $60000 while igniting a fresh relief rally in the altcoin market. The rising ETH price is heading to $2750 resistance, a pivotal zone that could bolster new recovery to continue the prevailing correction. Ethereum Price Holds Key Support Amid Major ETH Transfer to Exchange According to blockchain data by Arkham Intelligence, a Gnosis Safe Proxy address associated with Metalpha has recently transferred a substantial 10,000 ETH to Binance, valued at $26.02 million. Amid the transaction, the Ethereum price held steady above $2600, while the market cap recorded at $315.5 Billion. Metalpla, an asset management company affiliated with Bitmain, the largest Bitcoin mining company, had earlier applied to Lido to redeem 10,000 ETH. This transaction underscores Metalpha’s active role in managing substantial cryptocurrency assets, possibly in preparation for strategic financial maneuvers within the market. ETH Price Teeters at Pivot Point In the past two weeks, the crypto market witnessed a relief rally concerning the aggressive correction in July. The bullish turnaround uplifted the Ethereum price from $2111 to $2620, registering a growth of 24%. The rising price will likely challenge the downsloping trendline at $2750, which previously acted as major support amid market consolidation. From March to early August, the Ethereum price prediction showcased a sideways action resonating between two parallel trends of rectangle patterns. The lateral trend at a notable high indicates the distribution phase—the stage in the market cycle where large investors gradually sell off their positions to retail traders. Thus, the ETH price retest of the $2750-$2775 region could recuperate the selling pressure and prolong the market downfall. A recent death crossover among 50-and-200-day EMA backs the bearish outlook. The potential…

---

Filed under: News - @ August 18, 2024 12:35 am