CandleFocus Ethereum Falls, Pulls Away from $3,500 Even as Bitcoin Records New ATH
2024-11-14
Author: Content Editor
The recent decline in Ethereum's price despite the return of ETH Whales and Bitcoin's all-time high has raised questions about its short-term outlook. The spike in whale activity, with transaction volume reaching a three-month high, has led to short-term surges in Ethereum's value, but the price has faced resistance in maintaining its peak. Ethereum's momentum is being tested as its EMAs inch closer to forming a Golden Cross, a bullish signal, but the recent price dip may delay this indicator. Despite a 39% surge last week, ETH failed to secure support at $3,327 and has dropped 6% in the last 72 hours. If the decline continues, Ethereum could test the support level at $2,930, but a reversal fueled by Bitcoin's strength could help Ethereum regain momentum towards $3,327.
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