Ethereum Price: What’s Happening With ETH Price Today: May 13, 2024?
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 (ETH), 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 (ETH) Price Analysis
Ethereum price has declined continuously in the last few days following the crypto market decline. At the time of writing, ETH 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 ETH prices 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
Also Read: Top Celebrities Who Don’t Support Crypto Market
ETH price has already crossed the key resistance line of $2,910 and is continuing a bearish trend. The next support is at the $2,865 level, and if Ethereum’s price moves down the line, Ethereum might decline to an even lower value of $2,650.
In contrast, if Ethereum surged to the upper support level of $2,950, the price may go as high as $3,250 in the upcoming days.
Final Thoughts
Ethereum holders’ sentiments are also affected by the upcoming SEC announcement on the Ethereum Spot ETF proposals. After multiple delays, the result will be out by the month’s end, but the possibility of approval keeps declining each day, impacting the Ethereum price. A market reversal with positive results from the SEC is the biggest hope for ETH holders to see the token surge to anywhere near the ATH target of $4,891.70.
Read More Top Crypto Assets Defying Bearish Market Outlook
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Fed Governor Chris Waller Champions Stablecoins as a Tool for Cheaper Global Payments
- LBank Celebrates 10 Years With Bold Achievements and Global Expansion
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
