- Ethereum price has shown a modest price dip in the last 24 hours.
- The token’s daily trading volume has declined by 15.06% according to CMC data.
The crypto market, as another week begins, showed mild dips in market cap and trading volume. In the last few days, leading cryptocurrencies took bullish turns after several weeks of price slump. Bitcoin surpassed $60K for the first time after the August first-week price dip. Meanwhile, the market has seen several activities in the last 24 hours.
Notably, the largest altcoin, Ethereum, witnessed modest price dips in the past day. According to CMC data, the token recorded a 0.48% daily price dip. In the Asian afternoon hours of August 25, the token traded at $2,743.
As the day progressed, token prices hiked to an intra-day high of $2,793, before sliding down. In the last few hours, the altcoin slid to $2,716 thus indicating the second resistance at $2.7K. At the time of writing, the token was trading at $2,741.
Zooming out, over the past month, Ethereum has shown a price performance of 16.40% decline. This shows the altcoin’s struggles to surpass the previous resistance levels after recent dips. Over the last few weeks, ETH showed consistent struggles to surpass the $2.6K level.
Contrastingly, the weekly price performance shows a 6.23% increase. This is due to the altcoin surpassing the aforementioned $2.6K resistance. Previously, Ethereum was trading at levels sliding into the $2.5K range before moving upwards. However, the token seems to be confronting another resistance at $2,700 as it has failed to propel further and hit the expected $3000.
What to Expect for Ethereum Price Amid Whale Actions?
According to TradingView data, Ethereum’s short-term 9-day MA stands above the long-term 21-day MA suggesting an overall bullish turn. However, the token’s RSI stands at 48.64 indicating a still existing selling pressure. In order for the token to witness price breakouts, it has to fight the bearish combats at current levels.
Furthermore, if the token manages to hike to the $3K level then it can be expected to witness bullish price activity. Meanwhile, several ETH whales, including notable members such as the Ethereum Foundation, have shown movements in the last few days. According to WhaleAlert reports, one particular wallet transferred 29.9K ETH tokens to Binance approximately one hour ago.
These whale movements have led to increased speculations about the token’s price among community members.
