Ethereum (ETH) is at a critical juncture as it deals with resistance levels and volatile market shifts. ETH has fallen 5% over the last week, trading at $2,462, with a 2.38% drop in the last 24 hours.
Ethereum’s recent struggles to surpass the $2,580 level reflect the broader sentiment post-Bitcoin ETFs, in which negative market sentiment has impacted both BTC and ETH.
The bearish trend continues as ETH remains below the $2,500 threshold and the 100-hourly simple moving average. Despite an over 13.5% increase in daily trading volume, bears maintain their influence.
Despite recent struggles, Ethereum has shown a bullish trend since the second week of January, with a notable surge from $2,170 to $2,714.
This resilience distinguishes Ethereum from the ongoing volatility seen in other altcoins. The bearish scenario is consistent with whale accumulation data from December 2023, indicating a preference for Ethereum among smart money investors.
On-chain analytics from Santiment revealed Ethereum’s dominance over Bitcoin, with a significant +22.4% increase in just one week.
The network continues to grow rapidly, with an average of 89K new ETH addresses added daily. Ethereum’s diminishing presence in exchange supplies adds to the positive outlook.
