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Ethereum (ETH) Volume Surges 100% in 24 Hours But Price Remains Under $3,400

Rida Fatima Crypto Journalist Author expertise
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During the weekend, the entire crypto market experienced bearish momentum, causing prices of various assets to plummet badly. Today, June 23, 2024, the market is still down more than 4%.

Ethereum (ETH), the second-largest coin, was also affected. In the past 24 hours, the coin has lost more than 5% of its price, trading at $3,310. Despite this price decline, its volume has surged over 100% in the last day. 

This shows that many trading activities have occurred within the ecosystem, but they’re negatively affecting the price. Even as the crypto market is bleeding, notable figures in the space are withdrawing from exchange to wallet. 

Does this mean these investors are planning to hold the coin for long?

Could Justin Sun Be Accumulating Ethereum (ETH)?

Earlier today, at 2:39 am UTC, SpotOnChain, a known on-chain analytics company, shared a potential ETH buying on X. According to the post, a wallet known as 0xdbf, which is likely connected to Justin Sun, transfers 4,629 ETH from Binance.

Notably, this transaction was worth $16.07 million at the price of $3,472 for each coin. Moreover, this is not the first time this individual has made such a transaction.

In fact, on June 21, 2024, the same wallet withdrew a whopping 9,338 ETH from Binance. According to SpotOnChain, the transaction is worth more than $32 million.

The total amount of ETH withdrawn is 13,967, valued at $48.8 million. This withdrawal happened when the price of ETH dropped below the significant $3,500 level.

This suggests that Justin Sun might be interested in Ethereum and could signal that he is expecting future growth in Ethereum’s value. Moreover, the timing of this withdrawal, with the peak speculation around the ETH ETF, shows Sun might be positioning himself for ETF approval.

Meanwhile, when is the possible date of the Ethereum ETF approval, and how does this influence the price?

US Spot Ether ETF Set to Launch on July 2nd

While the crypto market is down, many analysts and traders are pinning their hopes on the potential approval of the Ether ETF. A potential ETF greenlight could influence the broader crypto market price, not just Ethereum’s.

A notable Bloomberg analyst, Eric Balchunas, stands firm on claims that the Ether ETF might receive the green light on July 2. The analyst claims to follow massive S-1 (registration statement) filings from different firms.

Meanwhile, the SEC must approve the S-1 before trading the spot Ether ETF.

So, Balchunas shared on the X platform on July 21, “We will see a bunch of amended S-1s filed today, probably later this afternoon. Then, the ball’s in the SEC’s court to inform issuers about any final changes and effectiveness (final approval). We are holding the line with July 2nd as the launch date.”

Overall, the Bloomberg analyst anticipates these amendments, suggesting he closely monitors the progress and developments of Spot Ether ETFs.

Moreover, he noted that the fee for this Ether ETF will be even lower than that of spot Bitcoin ETFsThis could make it more appealing for investors, potentially attracting more investment.

Overall, if approved, the price of Ethereum will likely surge significantly as the demand increases. Over the last weekend, the number of active addresses surged significantly.

Ethereum Active Addresses Reach Highest Level in 3 Months

On July 22, a crypto analyst named Martinez shared vital information on the X platform. Martinex reported a significant increase in active addresses on the Ethereum blockchain.

Per the analyst, there was a notable increase in these active addresses on June 21. The number increased to over 600,000 active addresses making transactions.

The analyst shared Santiment data showing the highest level of activity in three months. This spike in active addresses usually means more people are using Ethereum. No wonder the trading volume is up over 100%.

Higher activity can signal positive sentiment towards Ethereum and could be reflected in the price soon.

Ethereum (ETH) to Reach by September 2024, Says Analyst

On June 23, an analyst named Andrew Kang shared a bearish analysis on X, predicting a further downward movement on ETH. According to him, the ratio of Ethereum to Bitcoin (ETHBTC) will continue to decline.

He expects this ratio to fluctuate between 0.035 and 0.06 over the next year.

However, in response to this analysis, another analyst, Degentrading, countered this analysis. This analyst predicts the price of ETH could rise significantly to $6,000 in the next few months.

Considering its current price mark of $3,310, the coin would require an increase of more than 45%. Adding to this, Michael Van De Poppe presented an optimistic perspective regarding Ethereum’s potential for market recovery.

Ethereum (ETH) Volume Surges 100% in 24 Hours But Price Remains Under $3,400

Sharing the ETH/BTC price chart, Van De Poppe highlighted a critical support level. The analyst asserted that as long as Ethereum (ETH) maintains its trading value above the 0.05 BTC mark, the prevailing downward will likely reverse.

This means the current downtrend may soon reverse. “The first uptrend in 2.5 years, activating strength on the altcoin markets,” said Van De Poppe.

ETH Price Analysis: Trading on a Critical Level

Ethereum (ETH) Volume Surges 100% in 24 Hours But Price Remains Under $3,400

The daily chart shows Ethereum (ETH) has been dropping since May 28. It has also been forming lower highs and lower lows. Currently, ETH is at a critical level around $3,250.

Even though ETH is below the 50-day SMA (Simple Moving Average), if it stays above $3,250, a price retracement could happen. On a positive note, ETH/USDT is above the 200-day SMA. This suggests a bullish sentiment in the market.

The RSI (Relative Strength Index) is at 36, close to the oversold region. When the RSI is nearly oversold, a price bounce is usually possible. This means ETH might see a recovery soon.

Given the ETF launch and expert predictions, now might be a good time to consider buying ETH. If the upcoming ETF holds above $3,250, it could boost its price.

The investors might also consider this new project, whose price is still meager compared to ETH. This project is already trending within the crypto space and could even rise 10x once listed on exchanges.

Is PlayDoge the Next Dogecoin? $5 Million Presale Raises Eyebrows

The success of the PlayDoge presale is quite impressive. Since going live on May 28, the project has raised more than $5 million, showing investors support it.

Currently, you can get one PLAY token for $0.00512, significantly lower than DOGE & ETH. Unfortunately, this price will increase as the presale enters the next stage.

So, buying now might be the best time for you to acquire more quantities. Meanwhile, this project is not just any meme coin on the market. 

Its exciting utility will attract more investors over time. Interestingly, PlayDoge combines the beloved Doge meme with the nostalgia of Tamagotchi.

Players can now have a Doge as their virtual pet, which they control through a smartphone app. They need to feed, train, and play with their Doge pet. By doing so, the users are rewarded with PLAY tokens, which can be used to stake more rewards.

In addition, investors who stake their tokens today will receive a return of 134% APY. Visit the official page now for more information on this project and how to buy it.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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Rida Fatima Crypto Journalist

Rida Fatima Crypto Journalist

Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

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