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Ethereum’s volatility in the last 24 hours has remained significantly low as the price stays flat.
The largest altcoin has barely recorded a price change in the last week. However, a significant price drop has been seen in the past month, with the current $1,652 being an 11% drop compared to a month earlier.
Ether’s price remains flat amid inaction from both buyers and sellers. Selling activity might increase if the price falls below the $1,600 level.
However, sellers appear unmotivated to cause any significant downtrend.
The Federal Reserve Chairman, Jerome Powell, has hinted at more interest rate hikes in the future to address the high inflation level. The hawkish sentiment did not trigger panic.
Ethereum’s Weak Price Movement
Ethereum does not have much momentum currently. However, the price trend in the past week shows a slight struggle for control between the bulls and the bears.
Ether’s weekly high is $1,689, posted on August 19. Some slight selling pressure was seen at these levels, and by August 23, the price had dropped to $1,605.
The price dip on August 23 attracted some buying pressure, and ETH started a steady uptrend. However, the bullish momentum was weak, and the uptrend was rejected at $1,686.
Ethereum is currently trading at around the same price it was a year ago. Selling pressure will likely intensify if the price drops below $1,600.
Ether was last trading at above $2,000 on July 14. Positive developments around the altcoin or recovery across the broader market could place a bullish sentiment to play again.
Ethereum Shows Bearish Sentiment
Ethereum’s price chart currently shows a bearish sentiment. The Parabolic SAR is tracking Ethereum’s price from above, pointing to a bearish momentum.
The Moving Average Convergence Divergence (MACD) line is in the negative zone, indicating increased selling pressure.
The Simple Moving Averages (SMAs) show crucial resistance levels.
The 200-day SMA shows a crucial resistance at $1,799, while the 50-day SMA shows $1,827. Another critical resistance level lies at $1,832 in the 100-day SMA.
Ethereum Whales Accumulate, Anticipate A Rebound
Whale investors are taking advantage of Ethereum’s price drop to accumulate the token, according to Lookonchain.
Whales are accumulating $ETH from the bottom!
4 whales accumulated 56.1K $ETH ($94M) in the past 7 days.
– 0x3CEE accumulated 18K $ETH($30M);
– 0x3478 accumulated 2K $ETH($3.4M);
– 0x5bA3 accumulated 17.9K $ETH($30M);
– smartestmoney.eth accumulated 18.2K $ETH($30.6M). pic.twitter.com/M93Mhkpn6p
— Lookonchain (@lookonchain) August 24, 2023
According to Lookonchain, a blockchain analytics platform, four whales have accumulated $94 million worth of Ether in the last seven days.
The trend shows that large investors anticipate a price increase.
Race For Ethereum Futures ETF
ARK Invest and 21Shares have applied for two Ethereum futures exchange-traded funds (ETFs).
The applications come amid reports that the US Securities and Exchange Commission (SEC) could start approving these applications.
If these applications are approved, the price of ETH will rebound, and an uptrend to $2,000 might be on the way.
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