ETH Speculators Keep Ethereum Price to $3,000 Preventing Any Rally
Long-term holders seem reluctant to engage in mass selling at present ETH prices, even though many have already attained considerable profit margins.
Upcoming August 1 Bitcoin split causes seven percent drop in BTC and ETH prices to below $2,500 and $200 correspondingly.
Long-term holders seem reluctant to engage in mass selling at present ETH prices, even though many have already attained considerable profit margins.
Traders’ optimism concerning the Ethereum exchange-traded fund’s approval has dwindled, contributing to the coin’s turbulent price.
The optimism surrounding the approval of spot Ethereum ETF by the end of May has dropped from 70% to now at 25%.
The drop in recent ETH burn has a direct impact on what used to be the deflationary nature of the Ethereum network.
Santiment revealed that the average fee for transactions on the ETH network has been reduced to $1.12 per transaction
The whales’ resilience in continuing to buy appears to be yielding positive results, as the Ethereum market has witnessed a bullish resurgence, amassing over a 14% gain in the last 48 hours.
Different experts have different ideas about how the actions of these big market players will affect Ethereum price in the short term.
The newfound bullish trend has so far continued today across multiple timeframes, indicating a shift in market sentiment.
Ethereum’s memory segments, known as “blobs”, are encountering storage issues due to excessive text or image storage, termed “Blobscriptions”. A staggering 40% of the blobs are currently occupied by inscriptions.
Looking ahead to 2025, Standard Chartered predicted that the ETH-BTC price ratio will return to levels seen in 2021-2022, potentially reaching 7%.