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Highlights
- Ethereum price is down today as the rest of the cryptocurrency market tumbles.
- The fall coincides with a surge in the validator exit queue to more than 640,000 ETH.
- If these tokens are sold, ETH might drop to $2,800 before the next leg up to $6,000.
Ethereum price has dropped by 0.7% in 24 hours to trade at $3,640 today, July 24. ETH is now staring down at the possibility of dipping to $2,800 after more than 640,000 entered the queue of validators looking to exit staking. This situation has left traders wondering if $2,800 will be the next stop.
Ethereum Price Eyes $2,800 as Crypto Market Tumbles
ETH price has not escaped today’s market crash. In fact, the fall from $3,681 to $3,515 left many traders, especially long buyers, in the red. However, even with this pullback, Ethereum has managed to keep its bullish structure intact, but it might need to go back to $2,800 first.
The reason why the $2,800 price is back in focus even after Ethereum crossed it on July 10 lies in a technical pattern. This price previously served as the resistance of a head and shoulders, but since breaking it, ETH has not come back for a proper retest. If the price drops back here, it might be a chance to confirm it as support.
Below $2,800 also lies a demand zone between $2,500 and $2,600 that might give Ethereum price its next breather in case $2,800 does not hold. If it does a retest of these lower levels and they hold, ETH might rally to above $6,000.
Even so, it is hard to ignore the CMF that remains on the positive side, a clear sign that bulls have not stepped away. This observation suggests that ETH could miss its chance to retest $2,800. However, the race to $6,000 will still be intact.
For now, ETH looks poised to stay bullish through the rest of the quarter. However, when it comes to a long-term Ethereum price forecast — especially heading into 2025 and beyond — the road to new highs still looks bumpy.
640,000 ETH Exits Staking as Selloff Concerns Grow
Ethereum’s validator exit queue has suddenly surged to more than 640,000 ETH. This is the highest amount ever seen leaving the network all at once. This situation could mean that they are simply selling for some profits, and if this is indeed the case, that could cause ETH to drop to $2,800.
However, Everstake notes that even if stakers are selling, it only goes to show how decentralized the Ethereum network is. He said,
“In fact, activity like this shows how mature Ethereum staking has become. It’s the protocol doing what it was designed to do. And that’s what decentralization looks like.”
To sum up, the Ethereum price still looks strong even after today’s drop, but the validator activity is concerning. If whales or institutions can gobble up these coins if they end up being sold, and ETH avoids falling below $2,800, it would be the much-needed sign that $6,000 might be achieved.
Frequently Asked Questions (FAQs)
1. Why is Ethereum price falling today?
2. Can ETH price recover and reach $6,000?
3. Why are validators exiting staking?
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