The price dropped from $3880 to $3632, a 4.45% decline, after the SEC authorized eight spot Ethereum ETFs. The expert suggests that Ethereum's initial market reaction may be similar to Bitcoin's historical patterns, with brief declines followed by significant increases. This could lead to a significant increase in Ethereum's value.
Ethereum's price dropped from $3880 to $3632 after the BTC ETF's approval, demonstrating volatility and resilience. This is a 4.45% decline, similar to Bitcoin's historical patterns. It took 16 days and a 21% price decline before a 92% surge. The Ethereum ETF's price is expected to increase by 92%.
The Bitcoin ETF's approval on January 10th marked a significant turning point in the cryptocurrency industry. However, the market experienced a 21% price drop within 16 days, indicating volatility and potential for future expansion. This led to a 92% rebound. The Ethereum ETF's adoption has also heightened the market's attention, with expert Ali Martinez identifying critical demand zones based on IOMAP data, providing insights into Ethereum support levels during market volatility. Around 1.81 million addresses purchased 1.66 million $ETH between $3,820 and $3,700, potentially supporting Ethereum's price despite selling pressure. If this zone fails, the next crucial support zone is from $3,580 to $3,462.
Ali Martinez predicts that Ethereum's price may drop if it fails to remain above $3,700, as it has seen strong purchasing activity. He warns that the next significant support level is between $3,580 and $3,462, where approximately 3.13 million addresses hold more than 1.50 million ETH. If the price continues to fall, this secondary support level will be crucial in averting a more significant decline. Ethereum is currently down 4.42% over the past 24 hours, trading at $3,632.11, but its market value has increased by 94% to $440 billion.
