‼️ What’s Happening With Ethereum Price Today: May 13, 2024?‼️ #ETH_Market_Update

➡️ Ethereum price has gone through a rollercoaster in the last few weeks as the price has witnessed multiple ups and downs. The second biggest cryptocurrency, Ethereum, has declined more than 11% in a month, 9.31% in a week, and almost 2% drop in the last 24 hours. So, what’s happening with the Ethereum price? Will there be recovery anytime soon? Let us discuss that in this blog.

🔵 Ethereum Price Analysis

➡️ Ethereum price has declined continuously in the last few days following the crypto market decline. At the time of writing, Ethereum is trading at $2,892.53, the lowest value in two months. However, the trading volume has witnessed a 35% upsurge, pushing the value to $8,291,166,546. It is because of the current whale interaction on the network which has interfered with the Ethereum holder’s sentiments. As per the Spot On Chain data, a single whale has deposited 4,153 ETH worth $12.2 million ETH tokens on the Coinbase exchange. As a result, Ethereum is in a selling zone where its MACD and exponential moving averages indicate selling pressure on the token.

🔵 Will Ethereum Price Recover Anytime Soon?

➡️ As the overall market is down, Bitcoin price has also slipped to $60K from $63K. Seeing a momentary price drop in Ethereum isn’t big. However, a few analysts have spoken of the possibility of Ethereum dropping to the low of $2500.

Benjamin Cowen, a crypto analyst, has been monitoring the ETH price against the BTC and has continuously spoken of Ethereum being bearish for a long now. He believes Ethereum might go down and settle around the April 2021 level of $2500.