This is why Ethereum has fallen recently, and the market is bearish

Ethereum continues to be under pressure, with the decline widening to 1.5% in 24 hours, and the price has dropped to $2,884. The cumulative decline this week has reached 8%, and the market sentiment is bearish.

Coinbase witnesses large Ethereum transactions

Early Ethereum holder 0x2ce made a large transaction on Coinbase, depositing 4,153 ETH at a price of $2,931 per ETH, totaling up to $12.2 million. This behavior has attracted market attention, or suggests that holders are cautious about future trends.

Since withdrawing ETH from Poloneix in 2016, 0x2ce has been actively traded. Especially after 2021, ETH has been frequently deposited to Coinbase and Luno, totaling 9,436, with an average cost of $2,245 and a total investment of $21.2 million. The current holdings are 2,566, worth about $7.48 million, and the trading profit is as high as $28.5 million.

Although investors are looking forward to the arrival of Ethereum ETF spot, market analysts generally believe that its approval is unlikely. Eric Balchunas, senior analyst at Bloomberg, said that there is little hope for the SEC to approve the spot Ethereum ETF. In addition, the US election may affect the leadership of the SEC and thus affect cryptocurrency regulatory policies.

It is predicted that Ethereum will continue to fall and may hit the range of $2,500 to $2,750. I believe that the decline is nearing its end and is expected to reach a low point in the next 1-2 weeks. However, this forecast also depends on further delays in the approval process of the Ethereum ETF.

We analyzed the trend of Ethereum from a technical perspective. The downward trend may be accompanied by a "sweep" phenomenon, and the market may then reverse. The mutual influence of market dynamics and regulatory developments on the price trajectory of Ethereum. Everyone needs to pay close attention to market dynamics and operate with caution.

#山寨币热点 #BTC走势分析 #5月市场关键事件 #Megadrop #ETH

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