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Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead

In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.” 

These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others. 

XRP And Ethereum Classic In The Spotlight

Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.” 

However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.”

Crypto

According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain. 

While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.

Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017. 

Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023. 

Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges. 

Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.

Crypto ‘Zombie’ Blockchains

The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum. 

Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic. 

These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains. 

Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.

Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”

Crypto

Featured image from Shutterstock, chart from TradingView.com 

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Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price

Ethereum withdraws from centralized exchanges have ramped up over the last week, suggesting a direction for investor sentiment during this time. Given the sheer volume of ETH withdrawn from these exchanges, it is prudent to try to understand what this could mean for the crypto’s price.

260,000 ETH Leaves Exchanges

Amid the uncertainty that has plagued the crypto market, Ethereum investors are making moves to secure their positions for better price prospects. Pseudonymous crypto technical analyst Titan of Crypto took to X (formerly Twitter) to share what Ethereum investors are doing about their holdings right.

Related Reading: Bitcoin Bears Risk Losing $7.2 Billion If BTC Price Reaches This Level

The post revealed that these investors have been withdrawing large amounts of ETH from centralized exchanges. In the one week period that was tracked, the report found that a total of 260,000 ETH were withdrawn from exchanges, which was worth almost $800 million at the time.

Now, exchange deposits and withdrawals are important for any cryptocurrency because it can often tell how investors are looking at that coin and what they are doing with their holdings. In the case of large deposits to centralized exchanges, it can be very bearish for the price because investors often deposit their coins in order to sell them as exchanges provide deep liquidity.

In contrast, withdrawals from exchanges suggest that investors are not looking to sell their ETH. Rather, they are accumulating the coins to wait for better prices before selling. Naturally, this is bullish for the Ethereum price as a diminished selling pressure gives room for the price to recover.

In this case, the withdrawals are bullish or the Ethereum price, as investors continue to accumulate. It also signals that investors are expecting a price breakout, and as the withdrawals ramp up, demand could surpass supply, leading to a surge in price.

Ethereum Headwinds Still Negative

Ethereum, while currently seeing some positive activity from investors, has still not turned completely bullish. For one, there has been a significant decline in its daily trading volume. According to data from Coinmarketcap, Ethereum’s trading volume is down approximately 20% in the last day.

This decline in volume suggests a declining interest from investors to actually trade the coin. As such, its price may be negatively affected as attention begins to shift elsewhere, with investors looking for better prospects.

Nevertheless, the cryptocurrency still looks bullish for the long term. Ethereum continues to closely mirror the price performance of Bitcoin, which is expected to go on a bull run following the successful completion of its fourth halving event.

For now, Ethereum continues to struggle to hold above $3,100 with small gains of 0.18% in the last day. Over the last month, it has suffered multiple crashes, registering a 12.36% loss in the last 30 days.

Ethereum price chart from Tradingview.com

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85% Of Altcoins In “Opportunity Zone,” Santiment Reveals

The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”

MVRV Would Suggest Most Altcoins Are Ready For A Bounce

In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.

The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.

Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.

Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.

Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.

Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.

Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.

Bitcoin MVRV Ratio

Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.

The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,

Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.

Thus, if the model is to go by, now may be the time to go around altcoin shopping.

ETH Price

Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.

BNB Price Chart

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Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure?

Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.

  • Ethereum extended losses and tested the $3,075 support zone.
  • The price is trading below $3,180 and the 100-hourly Simple Moving Average.
  • There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it trades below the $3,125 support.

Ethereum Price Faces Resistance

Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.

There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.

Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.

The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,125

Major Resistance Level – $3,200

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SEC Anticipated To Reject Spot Ethereum ETFs In Upcoming Decision, ETH Price Takes 5% Hit

Over the past 24 hours, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a significant 5% price drop. This drop comes amid growing speculation that the highly anticipated Ethereum ETFs will likely be rejected by the US Securities and Exchange Commission (SEC) in the upcoming May deadline.

US Bitcoin ETF Issuers Brace For SEC’s Expected Denial

According to a recent Reuters report, various US Bitcoin ETF issuers and firms anticipate the SEC’s denial of their applications to launch ETFs tied to the price of ETH. 

These expectations have been fueled by “discouraging meetings” between the applicants and the regulatory agency in recent weeks, as disclosed by four individuals familiar with the matter.

Prominent investment firms such as VanEck, ARK Investment Management, and seven other issuers have submitted filings with the SEC to list ETFs that would track the spot price of Ethereum. 

As the first in line, VanEck’s and ARK’s applications are subject to the SEC’s decisions by May 23 and May 24, respectively.

The sources involved in the meetings between Bitcoin ETF issuers and the SEC have reported that the discussions have been primarily “one-sided,” with agency staff not engaging in substantive details about the proposed products. 

This starkly contrasts the intensive and detailed discussions between issuers and the agency before the SEC’s landmark approval of spot Bitcoin ETFs in January. 

The issuers argued during the meetings that the approval of spot Bitcoin ETFs and Ethereum futures-based ETFs by the SEC in October set a precedent for the spot ETH products. They also made efforts to address potential regulatory concerns. 

Despite their arguments, the report notes that the SEC staff did not clarify specific concerns or engage in meaningful dialogue, further indicating a possible denial of the requests.

Setback For Crypto Industry

If these expectations materialize, it would be a setback for the cryptocurrency industry, which had hoped that the approval of spot Bitcoin ETFs would pave the way for similar products and contribute to the mainstream adoption of cryptocurrencies. 

According to Todd Rosenbluth, head of ETF analysis at data firm VettaFi, the likely delay in approval or rejection until later in 2024 or beyond has left the regulatory landscape uncertain.

While some issuers have expressed their intention to submit additional disclosure paperwork to continue the conversation with the SEC, the overall sentiment indicates a growing belief that the applications will be rejected.

VanEck CEO Jan van Eck has already stated that the company’s application will likely be rejected, while ARK Investment Management has yet to comment.

Rejected Ethereum ETFs Could Spark Potential Court Battles

Several applicants expect the SEC to cite broader issues, such as the nature and depth of statistical data on the underlying ETH market, as reasons for their decision in the event of ETF rejections. 

Matt Hougan, chief investment officer at Bitwise Asset Management, which has filed for a spot in Ethereum ETF, believes that the SEC may require more time to observe Ethereum futures and gather additional data.

Industry insiders further speculate that rejecting Ethereum ETFs could potentially lead to legal action, with one source suggesting that the courts may get involved before Ethereum ETFs eventually become a reality.

The anticipated rejection has already influenced the price of Ethereum, with Hong Fang, president of the crypto exchange OKX, stating that the cryptocurrency is experiencing downward pressure as market participants factor in the likelihood of a negative outcome.

Ethereum ETFs

Currently, ETH is trading at $3,100, further highlighting the cryptocurrency’s persistent downtrend over broader time frames. Over the past fourteen and thirty days, the token has experienced significant declines of 12% and 14%, respectively.

Featured image from Shutterstock, chart from TradingView.com

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Ethereum Price Faces Rejection, Is This A Fresh Bearish Signal?

Ethereum price failed to clear the $3,280 resistance zone. ETH declined below the $3,200 support and is now consolidating losses above $3,100.

  • Ethereum struggled to clear the $3,250 and $3,280 resistance levels.
  • The price is trading below $3,200 and the 100-hourly Simple Moving Average.
  • There was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it trades below the $3,100 support.

Ethereum Price Trims Gains

Ethereum price struggled to clear the $3,250 and $3,280 resistance levels. ETH started a fresh decline and traded below the $3,200 support to enter a short-term bearish zone, like Bitcoin.

Besides, there was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD. The pair even declined below $3,150 and tested $3,100. A low has formed at $3,105 and the price is now consolidating losses.

Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. It is testing the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average. The first major resistance is near the $3,200 level or the 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,220, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,280 resistance. If there is a move above the $3,280 resistance, Ethereum could even test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,120 level. The first major support is near the $3,100 zone.

The main support is near the $3,030 level. A clear move below the $3,030 support might increase selling pressure and send the price toward $2,850. Any more losses might send the price toward the $2,650 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,100

Major Resistance Level – $3,200

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Ethereum Price Holds Support – Why ETH Could Soon Rally 5%

Ethereum price is holding gains above the $3,120 resistance zone. ETH could soon rally if it clears the $3,280 resistance zone.

  • Ethereum extended its increase above the $3,220 resistance zone.
  • The price is trading above $3,165 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $3,170 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up if it clears the $3,280 resistance zone.

Ethereum Price Aims Higher

Ethereum price remained in a positive zone above the $3,000 level, like Bitcoin. ETH extended its increase above the $3,150 and $3,165 resistance levels. It even spiked above the $3,250 resistance.

It traded to a new weekly high at $3,263 and recently corrected lower. There was a minor decline below the $3,220 level. Ether dipped below the 50% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high.

However, the bulls were active above the $3,200 level. The 61.8% Fib retracement level of the recent wave from the $3,154 swing low to the $3,263 high acted as a support.

Ethereum is now trading above $3,200 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,170 on the hourly chart of ETH/USD. Immediate resistance is near the $3,250 level. The first major resistance is near the $3,280 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,500 level. A close above the $3,500 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,750 resistance. Any more gains could send Ether toward the $3,880 resistance zone in the coming days.

Another Drop In ETH?

If Ethereum fails to clear the $3,280 resistance, it could start a downside correction. Initial support on the downside is near the $3,200 level. The first major support is near the $3,180 zone and the trend line.

The main support is near the $3,120 level. A clear move below the $3,120 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $3,120

Major Resistance Level – $3,280

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Ethereum Resurgence: TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree

The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices. 

Sun Allegedly Buys $405 Million Worth Of ETH

In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127.  

Ethereum Justin Sun Tron

Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun. 

If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token. 

Ethereum Whales Are Bullish

Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token. 

This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale. 

Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token.

Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed. 

At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

Ethereum price chart from Tradingview.com (Justin Sun Tron)

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Ethereum On-Chain Health Holds Strong Amidst Open Interest Plunge – Impact On Price

Ethereum (ETH) stands as a bellwether for the industry’s ebbs and flows. As of press time, Ethereum was trading at $3,174, its price trying to reach the crucial $3,000 mark. However, beneath the surface of these seemingly stable waters lies a complex interplay of market forces and investor sentiment.

Ether’s Challenging Trajectory

Since last week, the lower timeframes have seen repeated breaches of the $3,000 psychological threshold, and the enthusiasm surrounding the altcoin king has significantly waned.

This downward pressure is further underscored by the notable drop in Open Interest (OI) behind ETH futures contracts, which plummeted from $10 billion to $7 billion in April alone.

Such a decline suggests a recalibration in the futures market, potentially signaling a cooling-off period for speculative trading activity.

Navigating Choppy Waters

However, amidst the uncertainty, there exists a glimmer of hope for ETH bulls. Historical precedents, such as the mid-February 2021 correction, offer insight into the resilience of Ethereum’s price.

Following a similar dip from an all-time high of $1,900 to $1,400, Ethereum experienced a V-shaped reversal, demonstrating the market’s propensity for swift recoveries. This historical context serves as a guiding light for investors navigating the choppy waters of cryptocurrency volatility.

On the social sentiment front, Ethereum’s trajectory has been a tale of two halves. While sentiment was strongly positive in February and briefly in mid-March, a negative sentiment has dominated as prices entered a correction phase. Factors such as high gas fees on the Ethereum network have likely contributed to this shift, highlighting the impact of practical considerations on market sentiment.

Ethereum: Fundamental Metrics

Examining Ethereum’s fundamental metrics provides further insights into its current state. Network growth has slowed in recent months, signaling a potential decline in demand. However, a closer look reveals a silver lining: the 90-day mean coin age has trended steadily higher since late March, indicating a network-wide accumulation of ETH.

As Ethereum continues to navigate these turbulent waters, all eyes are on key resistance levels. Breaking above the $3,300 barrier could instill confidence among traders and investors, potentially heralding a new wave of bullish momentum. However, uncertainties loom large, particularly in light of the broader market dynamics and the selling pressure on Bitcoin, Ethereum’s perennial counterpart.

While challenges abound and uncertainties persist, Ethereum’s historical performance and fundamental strengths offer hope for a brighter future. As investors brace for potential headwinds and opportunities alike, Ethereum stands poised to weather the storm and emerge stronger on the other side.

Featured image from Pexels, chart from TradingView

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Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

Ethereum price is gaining pace above the $3,120 resistance zone. ETH could continue to move up unless there is a daily close below the $3,030 level.

  • Ethereum extended its increase above the $3,150 resistance zone.
  • The price is trading above $3,150 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up unless the bears push it below the $3,030 zone.

Ethereum Price Extends Increase

Ethereum price started a recovery wave and was able to clear the $3,000 resistance, like Bitcoin. ETH even climbed above the $3,050 and $3,120 resistance levels to move into a positive zone.

It traded to a new weekly high at $3,234 and is currently consolidating gains. There was a minor decline below the $3,200 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high.

Ethereum is now trading above $3,150 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high.

Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $3,350 resistance could send the price toward the $3,500 resistance. If there is a move above the $3,500 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,720 resistance zone in the coming days.

Downside Correction In ETH?

If Ethereum fails to clear the $3,235 resistance, it could start a downside correction. Initial support on the downside is near the $3,175 level. The first major support is near the $3,160 zone and the trend line.

The main support is near the $3,150 level and the 100-hourly Simple Moving Average. A clear move below the $3,150 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,235