Joel Frank
Last updated:
May 16, 2024 18:23 EDT
| 3 min read
Ethereum Price Prediction as Daily Trading Volume Surpasses $10 Billion - Are Whales Accumulating ETH? / Source: Cryptonews
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.
Following a recent death cross in the ETH/BTC pair, the Ether price is just hit new three-year lows.
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.
The SEC is expected to reject applications for multiple spot Ethereum ETFs in the US later this month.
Many think this is because the SEC is still considering whether Ethereum might be considered a security.
Moreover, “competing layer-1s like Solana detract from Ethereum’s positioning as the ‘go-to’ network for decentralized app (dApp) deployment,” Han said.
Ethereum’s Dencun upgrade earlier this year has also lowered the crypto’s burn rate via a substantial drop in fees.
That’s probably going to be a long-term positive for Ethereum’s adoption, as high fees discourage network use.
But some have framed the lower burn rate as bearish for ETH.
It’s no surprise then that Citron Research founder Andrew Left just told Benzinga that he shorted Ether.
Ether will be labeled as a security and won’t get the same stamp of approval as Bitcoin, he posited.
ETH/BTC remains locked within a multi-year downtrend. Whales may be reluctant to accumulate when the much safer, more accepted Bitcoin is looking so strong.
Ethereum Price Prediction - Where Next for the ETH Price?.
The Ethereum price’s latest drop suggests that the bears remain very much in control of this market in the short term.
Firstly, ETH continues to find strong resistance at its major short-term moving averages. The 21DMA was the...
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