Benzinga - Ethereum's (CRYPTO: ETH) lackluster performance dampened traders’ enthusiasm for the asset, but better price action is forecasted for the upcoming months.
What Happened: Crypto trader Eugene Ng Ah Sio in his latest tweet pointed out the weak performance of Ethereum after the latest CPI data release and FOMC meeting, saying “Bears win for now."
The trader predicted that Ethereum will be materially higher after the S1 is approved but foresees difficult price action until that happens.
Prominent crypto trader Kevin stated that crypto markets are “heavily manipulated” ahead of the Ethereum ETF launch, but crypto investor CryptoKans sees corrections as “a great opportunity to buy strong altcoins.” He said he is accumulating mainly big caps, with his favorite being Ethereum.
Cypto trader Jelle sees $3,500 as key support for Ethereum:
Second attempt for $ETH to flip $3500 into support.Hold here, and new highs are next. pic.twitter.com/K33mQmEulb
— Jelle (@CryptoJelleNL) June 13, 2024
Also Read: This Ethereum Killer Is ‘Gearing Up For A Potential 40% Breakout’ Making It ‘One Of The Biggest Growth Stories Of This Cycle’
Why It Matters: IntoTheBlock data noted a 176% surge in exchanges netflows. 86% of Ethereum holders are currently in profit. Transactions greater than $100,000 increased from 5,434 transactions on June 6 to 6,082 transactions on June 12.
Crypto chart analyst Ali Martinez noted that whales have purchased more than 240,000 ETH, worth around $840 million, during the recent Ethereum price dip.
Whales have bought over 240,000 $ETH during the recent #Ethereum price dip, totaling around $840 million! pic.twitter.com/j5jnxJul4q— Ali (@ali_charts) June 12, 2024
Whale Alert data pointed to 6,048 ETH, worth $21.2 million, transferred from Coinbase Institutional to unknown wallet. Crypto trader Daan Crypto Trades highlighted a massive Ethereum net outflow from Coinbase on June 11. Terming it the “big flush,” the trader said "net outflows have been going up for ETH which is always good to see."
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Ethereum And Altcoins May ‘Quickly Rebound’ After FOMC Meeting, Trader Predicts
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.