Ethereum Price remains steady at $3,000 as the cryptocurrency market experiences a minor cooldown over the last 24 hours. ETH saw a 4% decline during this period, following a broader bearish trend in the market.
The cryptocurrency fell below the mark of $3,100 support, which indicated the possibility of additional downward force. All in all, the crypto market has experienced a decrease of 3% and 10% in the last day and 30 days, respectively.
The Crypto Fear & Greed Index is at its lowest point of 21, which is a sign of high fear, and it causes certain liquidations. The slowdown is an embodiment of institutional drain, regulatory issues, and technical failures. Interestingly, Spot Bitcoin ETFs have experienced outflows of up to $2.7 billion since November of this year.
Bitmine Continues Aggressive Ethereum Purchases
Bitmine, which is headed by Tom Lee, has taken further cause in the cryptocurrency market, buying an additional 22,676 Ethereum (68.67 million) today. With this purchase, the total amount of Ethereum that Bitmine has bought is 64,622 ETH worth an eye-blowing $199.4 million, all in the last 24 hours.
The last transaction, which was registered only some hours ago involved 22,676 ETH moved out of the Hot Wallet of BitGo into the wallet of Bitmine.
Since Ethereum price is oscillating, the aggressive approach of Bitmine proves that this company believes in the future of ETH. The fact that such a great number of Ethereum can be collected in such a short time underlines the leading position of Bitmine on the market.
Ethereum Price Prediction: Will $3,000 Hold or Drop to $2,800?
Cryptocurrency analysts provided an update on the Ether price move and stated that the token is holding steady above the $3,000 mark. Nonetheless, a drop in the price of Ethereum to a level lower than this critical value, the Ethereum may drop to the support zone of $2,800.
The analyst stressed that Ethereum is at a crucial point at the level of $3,000 when it comes to its price dynamics in the immediate future. The break is below, the traders ought to be keen on a possible fall to the level of $2,800, which is a major level of support.
Key Levels To Watch
The ETH price hovered at $3,031 on Saturday, showing mixed signals as it continued to trade within a narrow range. The price could not break the most significant level of resistance of $3,100, and could not break the latest level of support of $3,300.
The Moving Average Convergence Divergence (MACD) indicated a bearish crossover. The MACD line went down the signal line, giving an indication of further downward movement.
The Relative Strength Index (RSI) is at 46, which is far below the 50 level. If the Ethereum long-range prediction manages to breach the $3,100 mark, it could retest the $3,300 resistance.
Source: ETH/USD 4-hour chart: TradingviewOn the other hand, a continued dip below $3,000 may push the price further down, opening the door for potential bearish targets in the coming days.
Source: https://coingape.com/markets/ethereum-price-holds-3000-as-bitmine-scoops-up-199m-in-eth-what-next/
