Postcode shows Ethereum (ETH) cryptocurrency and the top global cryptocurrency in a quick perspective.
Checking the balance of exchanges showed a sharp increase in the number of Ethereum coins that can be sold. Over the past two weeks, over 242,000 ETH [$906 million at the current exchange rate] have been transferred to crypto wallets of trading platforms. This indicates an increase in trading activity on exchanges, which may lead to an increase in the level of volatility [Ethereum exchange rate], wrote famous trader Ali Martinez.
Many experts, such as businessman Anthony Pompliano, reacted very positively to the news of the approval of Ethereum-ETFs in the USA. However, Martinez believes that this event could trigger a dump in the ETH price, as traders will begin to take profits resulting from the recent increase in the price of the coin. In this case, cryptocurrency traders use the principle “buy on the rumor, sell on the news.” After the rapid growth of the Ethereum price in the period from May 20 to 21, a flat appeared in the market, and over the last day the price of the asset decreased by only 0.11%. However, Martinez predicts a drop in the value of the coin to the support zone of $3462-3580. If the bears fail to break through the $3700 barrier, then, according to Ali, an upward trend will begin, and ETH will rise to $3940-4054.