Ethereum has recently seen a price decline, moving away from the $3,500 mark even while Bitcoin reached a new all-time high. Ethereum Whales' increased activity, with a three-month high transaction volume of over $13.8 billion, highlights their significant impact on Ethereum's pricing trends. However, this has not led to sustaining higher price levels.
The pullback reflects a blend of enthusiasm and caution, raising questions about Ethereum’s immediate market trajectory. Ethereum’s momentum faces challenges, even as its EMAs edge closer to a Golden Cross, a traditionally bullish signal potentially delayed by the current dip.
Despite a 39% surge that pushed Ethereum above $3,327 last week, the failure to maintain this level as support led to a 6% decline, distancing ETH from the key $3,524 resistance. If the downtrend continues, Ethereum may test the $2,930 support level, suggesting additional downward movement.
A reversal driven by Bitcoin's strength could help Ethereum regain momentum, reclaiming $3,327 as support and potentially targeting $3,524 next, altering the bearish outlook.
