Ethereum price analysis shows a 24-hour gain of 4.5% to hit the $2800 resistance amid market recovery. The renewed buying pressure can be attributed to Fed Chair Jerome Powell’s confidence towards colling inflation and potential interest cuts in the coming months. As Bitcoin price surged to $65000 on Friday, the ETH price challenged a key resistance to bolster further growth. Will this recovery be prolonged?
Ethereum Price Analysis: ETF Outflows and $94M Transfer Put Pressure on ETH Recovery
The Ethereum Foundation (address 0xde0) recently transferred 35000 ETH to the crypto exchange Kraken. This transfer, valued at approximately $94.07 million, hints the foundation might liquidate its assets to bear operation costs.
Typically, a major selling from institutions/whales bolsters the bearish momentum in the market, but the Ethereum price analysis signals sustainability above $2700.
According to Arkham Intelligence, the Ethereum Foundation’s address still holds substantial cryptocurrency assets, valued at $840 million, including 273.776K ETH and 31.015K WETH.
In addition, the U.S-based Ethereum ETFs (Exchange Transfer Fund) witnessed an outflow of $5.70 Million on Friday, as per the SoSoValue data. This contributed to the seven-day new outflow from spot ETF ETFs, limiting the recovery momentum in Ether coin.
ETH Price Hints Major Breakout
Ethereum price analysis showed a notable bounce from $2112 to $2760 in the last three weeks, registering a growth of 30%. The bullish reversal backed by a downtick in the Average Directional Index (ADX) indicator accentuates the diminishing bearish momentum.
If the bullish momentum persists, the ETH price could breach the $2800 resistance, bolstering a 21% rally to $3400.
According to the intothebook data, the $2800 resistance is backed by 1.08 Million ETH coins held by 1.13 Million Addresses. Therefore, if these holders decide to liquidate their assets at break even, the altcoin could witness an overhead supply. On the other hand, the large green spheres displayed on the In/Out of the Money Around Price (IOMAP) metric indicate that Ethereum price prediction sees firm support on the downside.
Conversely, the potential reversal will indicate the selling-on-rallies sentiment in the market persists, which could push the Ethereum price analysis target back to $2112.
The post Ethereum Price Analysis: Will $3000 Breakout Stall as Foundation Dumps 35k ETH? appeared first on CoinGape.
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