Ethereum : Plongée du prix, facteurs du marché et perspectives
Ethereum price plunged to $2,127 on Aug 5, down by a staggering 61% within the 7-day timeframe, markets data suggests that a sell-off from Ethereum ETFs and major crypto trading firm had accelerate the ETH downswing.
Ethereum Price Sees New 2024 Low as JumpTrading Sells $277M ETH
On Monday, Aug 5, 2024, the cryptocurrency markets experienced a historic downturn attributed to several bearish catalysts. The downtrend first began around August 2, when the US Bureau of Labor Statistics first published data on US Non-Farm Payroll (NFP) for July 2024.
The US recorded a 114,000 surge in unemployment claims for July. This hawkish labor market report further exacerbated investors’ bearish sentiment after the US Fed announced a rate pause during the FOMC meeting held on July 31.
Market data shows that Ethereum price experienced losses significantly larger than its rival assets like Bitcoin and XRP.
Ethereum Whale Offloads $279M Amid Market Crash
While Ethereum ETFs recorded negative net flows last week, another major crypto trading firm, JumpCrypto, has also been spotted making a strategic ETH sell-off, further amplifying the bearish market liquidations. Since July 25, Jump Trading has sold Ethereum coins worth $279.7 million. These significant movements have added to the bearish sentiment, driving Ethereum’s price down significantly.
Ethereum price forecast: ETH Bulls Face Uphill Task Reclaiming $3,000
Ethereum price has rebounded above $2,400 at the time of writing on Aug 6, up 19% from historic lows recorded on Monday. The Bollinger Bands on the daily chart show that ETH has experienced significant volatility, with the price recently dropping from over $3,100 to just above $2,400. The Balance of Power (BoP) indicator is currently at 0.26, suggesting that sellers still hold the upper hand.
In conclusion, while Ethereum’s recent rebound provides a glimmer of hope, the road to reclaiming the $3,000 mark remains challenging. Bulls need to overcome several resistance levels and shift the market’s balance of power to re-establish a strong uptrend.
Disclaimer: This content is informational and should not be considered financial advice. Readers are encouraged to do thorough research before making any investment decisions.
Source : thecryptobasic.com