CandleFocus Ethereum price crashes to key support as ETH ETF inflows surge
2024-12-19
Author: Content Editor
The price of Ethereum (ETH) declined to a critical support level following a sharp pullback in the cryptocurrency market after the Federal Reserve's hawkish interest rate announcement. Despite the price drop, Ethereum's fundamentals remain strong, with steady inflows into Ethereum Exchange-Traded Funds (ETFs) and a growing number of staked ETH coins. Major companies like Grayscale, Blackrock, Fidelity, Bitwise, and VanEck are the biggest holders of Ethereum. Ethereum maintains its position as the largest player in the blockchain industry, with a total value locked in its Decentralized Finance ecosystem surpassing $73.7 billion. The price decline in Ethereum coincided with a bearish double-top pattern and a potential further decline to test a major support level, unless it rises above a resistance level at $4,090.
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