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What happens to the price of Ethereum today: May 13, 2024?
Ethereum price has been going through a roller coaster over the past few weeks as the price has witnessed multiple ups and downs. The second largest cryptocurrency, Ethereum, has fallen by more than 11% in a month, 9.31% in a week and almost 2% in the last 24 hours. So, what’s going on with the price of Ethereum? Will there be a recovery soon? Let’s talk about it in this blog.
Ethereum price analysis
The price of Ethereum has continuously decreased over the past few days after the cryptocurrency market decline. At the time of writing, Ethereum is trading at $2,892.53, the lowest value in two months. However, trading volume saw a 35% increase, pushing the value to $8,291,166,546.
It’s because of the current whale interaction on the network that interfered with the feelings of the Ethereum holder. According to data from Spot On Chain, a single whale deposited 4,153 ETH for an ETH token value of $12.2 million Coinbase Exchange. As a result, Ethereum is in a sell-off zone MACD AND exponential moving averages indicate selling pressure on the token.
Will Ethereum price recover soon?
Since the overall market is down, Bitcoin price it also slipped to $60,000 from $63,000. Seeing a momentary price drop in Ethereum is not great. However, some analysts have talked about the possibility of Ethereum falling to the $2500 low.
Benjamin Cowen, a crypto analyst, monitored the ETH price against BTC and has been continuously talking about bearish Ethereum for some time. He believes that Ethereum could decline and stabilize around the $2500 level in April 2021
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Ethereum has already broken through the key resistance line of $2,910 and continues to rise bearish trend. The next support is at the $2,865 level, and if Ethereum price moves lower, Ethereum could drop to an even lower value of $2,650.
Conversely, if Ethereum reaches the upper support level of $2,950, the price could reach $3,250 in the next few days.
Final thoughts
Ethereum holders feelings are also affected by the SEC’s upcoming announcement on Spot ETF on Ethereum proposals. After numerous delays, the result will be published by the end of the month, but the chance of approval continues to decrease every day, impacting the price of Ethereum. A market reversal with positive results from the SEC is the biggest hope for ETH holders to see the token rise close to the ATH target of $4,891.70.
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