Ethereum

2024

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/ethereum-eth-whales-going-insanely-bullish-details" rel="noopener noreferrer nofollow">Ethereum</a>, the second largest cryptocurrency by market capitalization, has revealed a crucial demand zone amid a death cross formation.
According to Ali Martinez, a <a href="https://x.com/ali_charts/status/1821845244670833076" rel="noopener noreferrer nofollow">crypto analyst</a>, the most important support level for Ethereum is between $2,314 and $2,435. This range is particularly noteworthy as it represents where nearly 2.14 million addresses have collectively acquired 51.67 million ETH.
<blockquote>
 The most important support level for <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> is between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>! <a href="https://t.co/1h1G2ZcZHd" rel="noopener noreferrer nofollow">pic.twitter.com/1h1G2ZcZHd</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1821845244670833076?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 9, 2024</a>
</blockquote>
The death cross, a technical analysis pattern that indicates potential bearish momentum, emerges when a short-term moving average crosses below a long-term moving average. &nbsp;In the case of Ethereum, the 50-day SMA crossed below the 200-day SMA, resulting in a death cross on the Ethereum daily charts.
At the time of writing, ETH was trading in the green at $2,595. Two potential scenarios are likely for the Ethereum price in light of the crucial demand zone highlighted. First, it signals the possibility of strong buying activity, which might keep Ethereum from falling further in the event of a price drop. However, if this support level fails to hold, Ethereum may experience a deeper fall, potentially revisiting lower price levels.
<h2 id="ethereum-price-jumps">Ethereum price jumps</h2>
Ethereum, the second largest cryptocurrency by market capitalization, hit a high of $2,708 in Friday's trading session as the crypto market continued to regain ground lost in Monday's slump.
After jobs data last Friday raised fears that the U.S. economy was entering a recession, sparking a Wall Street sell-off, digital assets began the week on a sour note. On Monday, the Japanese yen surged against the U.S. dollar, spurring a bout of risk aversion.
However, concerns about the U.S. economy seemed alleviated in the time being after statistics released Thursday showed that unemployment benefit filings fell from the previous week.
<a href="https://u.today/ethereum-eth-surges-449-in-surprising-whale-activity-amid-market-dip" rel="noopener noreferrer nofollow">Ethereum's price</a> is currently up 3.05% on the day, according to CoinMarketCap, although it is still down roughly 18% for the week.

Critical Ethereum Price Zone Identified Amid Death Cross: Details

Table of Contents

U_Today

Other articles published on Aug 9, 2024

Robinhood Beats Wall Street with Meme Stocks and Crypto Gains

Binance Hit with $86M Tax Demand by Indian Authorities Over GST Registration

SuiNS, the Sui Name Service, Becomes Decentralized

Crypto Market Recovers with Bitcoin Surge

Analyst Draws Timeline for the Bitcoin Price Will Hit a New ATH, Which ETH Altcoins Are Heading H...

The Crypto Trinity: Why BNB, SOL, and TON Are Leading the Bull Cycle Charge

Join our free newsletter for daily crypto updates!