Ethereum price has significantly slowed down the bullish outlook witnessed on Monday, seeking support at $3,500. This downturn mirrors a similar correction in Bitcoin price to $69,000 a day after topping $72,000. Investors are expected to fill the gaps by buying the dip ahead of the Bitcoin halving. ETH price debut above $4,000 could potentially ignite a bigger rally to new all-time highs with Bitcoin anticipated to peak above $100,000 in 2024.
Bitcoin price topped $72,000 again riding on renewed interest in ETF products, which according to SoSoValue saw net outflows of $223 million on April 8. So far, the cumulative total net inflow volume has reached $12.39 billion.
Grayscale, according to data shared by reporter Wu Blockchain, posted $303 million in net outflow volume.
SoSoValue: Ukupni neto odljevi iz Bitcoin spot ETF-ova jučer su iznosili 223 milijuna dolara. Grayscale ETF GBTC zabilježio je jednodnevni neto odljev od 303 milijuna dolara. Bitcoin spot ETF s najvećim jednodnevnim neto priljevom bio je Bitwise ETF NYSE, s jednodnevnim neto priljevom od približno... pic.twitter.com/hmfXPrhsCh
- Wu Blockchain (@WuBlockchain) Travnja 9, 2024
The Ethereum founder Vitalik Buterin’s speech in Hong Kong on Monday also helped to keep the ecosystem in a positive state with traders choosing to “sell short-term Bitcoin option, while Ethereum mainly to buy short-term calls,” according to Greekslive.
ETH rose 8% in 24 hours, which may be related to Vitalik’s Hong Kong activities. Greekslive noted that today the traders mainly to sell short-term bitcoin option, while ethereum mainly to buy short-term calls. But the giant whale has now stockpiled nearly 30,000 bitcoin calls…
- Wu Blockchain (@WuBlockchain) Travnja 9, 2024
Ethereum Price Forecast Eyes $4,000 As ERC20 Tokens Soar
Tokens in the ERC20 sector of the Ethereum ecosystem have recently performed remarkably well, creating momentum even for the second-largest cryptocurrency.
Insight from blockchain data analytics platform Santiment highlighted that “ERC20 have been well ahead of the markets on average,” with the sector increasing by 8.1% in the last seven days.
Some of the tokens in this segment performing extremely well include Toncoin (TON) and Ethena (ENA). Based on CoinGecko market data, TON is up 15% in 24 hours to $6.75. Although ENA boasts a staggering 96% surge, it faces rising selling pressure to drop 4% in 24 hours to $1.24.
Meanwhile, Ethereum hovers above $3,600 support after the bullish move it exhibited on Monday waned at $3,729 – the most recent high.
Medvjeđi izgledi iz Indeksa relativne snage (RSI) pokazuju da bi ETH mogao povratiti akumulirane dobitke i možda ponovno testirati podršku na 3,500 USD. Imajte na umu da 20-dnevni eksponencijalni pomični prosjek (EMA) pojačava ovo područje podrške u rasponu od četiri sata.
Što niže RSI pada u neutralnu regiju, to su prodavači jači, povećavajući šanse za daljnji pad. Konzervativniji ulagači mogu pričekati dok se cijena Ethereuma ne oporavi s 3,600 USD ili sivog pojasa koji ugošćuje 50-dnevnu EMA i 200-dnevnu EMA prije nego što ulože sve u ETH za proboj na 4,000 USD.
More blockchain data from u blok reveals that 94.24% of all Ethereum holders are in the money or in profit, with only 3.53% facing unrealized losses. This means that ETH price is strongly supported, suggesting that the path of least resistance is upward.
Jedina značajna barijera kreće se od 3,666 do 4,811 dolara, što znači da bi, ako se probije, cijena Ethereuma bila na putu da postigne nove rekorde svih vremena.
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Source: https://coingape.com/markets/ethereum-price-forecast-can-eth-hit-4000-this-week-as-erc20-assets-pace-up-8/
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