Ethereum Price Prediction as Daily Trading Volume Surpasses $10 Billion – Are Whales Accumulating ETH?
Market Overview
The Ethereum (ETH) price is under pressure on Thursday, having now fallen 3.3% on the back from above $3,040 to current levels around $2,930, amid high daily trading volumes of $13.5 billion, as per Yahoo Finance data. Ether has now all but erased Wednesday’s post US CPI gains, weighed as bearish sentiments creep back into the market.
Expert Analysis
In a Wednesday note, Coinbase research analyst David Han gave a few reasons for ETH’s underperformance. “The approval of spot bitcoin ETFs in the US has reinforced bitcoin’s store-of-value narrative and its status as a macro asset”. “On the other hand, open questions about ETH’s fundamental positioning within the crypto sector remain,” he continued.
Ethereum Price Prediction
The ETH price’s latest drop suggests that the bears remain very much in control of this market in the short term. Traders need to keep an eye on the uptrend that has been in play since October. The Ethereum price appears pointed towards a drop below recent low. The first downside target would be the early 2024 highs near $2,700.
ETH Alternative to Consider
Meme Coin Season
Ethereum’s decline comes at a time when meme coin season might be about to pick up once again. Investors looking for better upside prospects than those offered by ETH might want to position themselves in the meme coin market. One new meme coin project that analysts at Cryptonews like a lot is Wiener AI (WAI).
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