Mixed Year – 2024 was shaping up to be a special year, with the arrival of spot bitcoin ETFs that allow institutional players to gain exposure to cryptocurrencies. The euphoria brought about by these financial products was almost immediate, but the story seems to be slowly running out of steam. So much so that the NASDAQ could end up outperforming BTC in 2024. And it’s not much better for Ethereum (ETH), which remains stuck below $2,900. It’s the ETH newsletter!
Ethereum price regains color in the short term
ETH is not still does not have an income of more than $3,000but he bounces off in the short term. In fact, the price of Ethereum is increasing1.5% in 24 hours az 2% in one week :
| Few | 1H | 24H | 7D | 1 million | 3M | 6M |
|---|---|---|---|---|---|---|
ETH/BTC |
-0.28% | 0.87% | -2.65% | -16.53% | -20.01% | -25.73% |
ETH/USDT |
0.03% | 1.51% | 2.10% | -22.43% | -28.65% | -12.04% |
Ethereum performance against different pairs. Source: Coincheckup
THE bounce of recent days still does not erase the falls experienced in recent weeks. ETH down 22% in one month and almost 30% in three months. At the same time, the pair ETH/BTC has been falling for six months.
ETH stocks are evaporating from exchanges
As we have just seen, the price of the prince of cryptocurrencies is in the red for several months. The course fails exceed $4,000and buyers must now redouble their efforts get $3,000 back. However, ETH continues to empty on exchanges :
It is from the beginning of 2020 The total percentage of circulating ETH held on exchanges is clearly in free fall. While price locked at $4,000and the price will be displayed and down almost 50% from the peak March, the metric remains downward trend. This suggests that operators store their ETH outside of exchangesand so that they have confidence in course development in the coming months or years.
Towards a range break and a return to $2,900 per ETH?
After fall cryptocurrencies they created drop the price of bitcoin below $50,000ETH found a buyer nearby $2,000and it is now locked in scope. The range is located between $2,570 and $2,700 has been going on ever since 15 days :
If the buyers win, they will return resistance at $2,900 is possible. In case there is a course turn down around $2,700it will be necessary keep $2,570 For avoiding a decline towards support at $2,450. RSI is on the other side bearish trend linebut it would be necessary to develop further 62 have a clearly bullish momentum.
Even though the cryptocurrency market has been in dire straits since its peak in March, ETH continues to leave foreign exchange reserves. This is good news as it shows that investors have complete faith in the cryptocurrency prince. In the short term, the price moves at the upper limit of the range. A break of the range could allow ETH to return to $2,900 and even potentially $3,000.