Ethereum Price Prediction: Critical Zone Ahead as Selling Pressure Mounts

Ethereum (ETH) price is at a crucial point today, slightly above the 50-day SMA line. Today's drop to this level occurred as Whales linked to Ethereum moved large amounts of ETH tokens.

In this analysis, we'll examine how these whale actions might affect ETH's price soon andcheck whether ETH will turn around and surge.

Ethereum ETH's Recent Price Action

At the beginning of this month, Ethereum (ETH) traded downward, falling to $2,131 on August 4. However, on August 05, ETH's recovery set in. By August 08, the coin hit $2,700 as the bullish sentiment increased.

This showed renewed confidence among investors, driving the price higher. Since then, the ETH market price has been stable, ranging between $2,500 and $2,700.

This level has been significant, and a break in either direction will determine ETH's next move. ETH trades at $2,629, slightly up by 1.82%, in the past 24 hours.

Meanwhile, the bearish sentiment is still present in the monthly timeframe, with ETH down 24.83%. While ETH is down, its trading volume remains above $13 billion. However, the recent movement of ETH whales suggests anything can happen.

Selling Pressure Mounts as Large Holders Move Coins

Some big ETH holders, known as whales, recently moved their coins, causing concern about potential selling pressure on ETH's price. First was an address dating back to Ethereum's ICO in 2016. This Ethereum Golem address has been quite active lately.

Over the past week, more than 8,000 ETH has been moved to popular exchanges like Binance and Coinbase.

Arkham Intelligence said the Golem address transferred 4,000 ETH to exchanges 18 hours ago while retaining a whopping 22,834 ETH.But the Golem address isn't the only whale making waves.

Sportonchain reported that another diamond hand" ETH whale moved 25,000 ETH (worth $73.9 million) to the Kraken exchange.

This giant whale keeps depositing $ETH to CEX ahead of steep price drops!

In the past month, the whale moved 25K $ETH ($73.9M) to #Kraken on 2 occasions, both times before a significant price drop:

15K $ETH ($39.7M) at $2,645 11 hours ago, before a 2.5% drop.
10K $ETH... https://t.co/jYDC4wxKWB pic.twitter.com/sAAL2SRjUj

- Spot On Chain (@spotonchain) August 21, 2024

This whale made two separate transfers, 15,000 ETH and then 10,000 ETH. When big holders move large amounts of crypto to exchanges, it often signals that they might be preparing to sell.

When the Golem project moved 3,000 ETH to exchanges in July, ETH's price dropped from $3,200 to $3,054 the next day.

Golem(@golemproject) deposited 3,000 $ETH($9.3M) to #Binance, #Bitfinex and #Coinbase via address"0x159a" 4 hours ago.

And #Golem transferred 40,000 $ETH($124.6M) to address"0x159a" again just now.

Looks like there will be more selling!https://t.co/roA69qjxQp pic.twitter.com/e6K4qNdN68

- Lookonchain (@lookonchain) July 10, 2024

Right now, Ethereum is struggling to break above $2,623. These whale activities could make it even harder for ETH to climb higher. Moreover, the technical analysis below suggests caution.

Ethereum Price Analysis: ETH at Crucial Crossroads - Will it Fall Below?

Ethereum is in a critical zone, hovering around its 50-day Simple Moving Average (SMA).This yellow line on the chart is a crucial indicator for traders.

Right now, ETH is testing this critical level. If it stays above the 50-day SMA, it could signal strength. But if it drops below, we might see further declines.

The following support levels to watch are $2,500 and $2,300. These could be potential buying zones for investors looking to enter or add to their positions.

The Relative Strength Index (RSI) is 48, just below the neutral 50 mark.This suggests that ETH isn't oversold yet but is leaning toward bearish territory.

Based on this analysis, investors might want to be cautious.If you're considering buying, consider waiting to see if ETH can hold above the 50-day SMA.

However, it's always wise to explore alternatives in times of uncertainty. One such option gaining attention is Crypto All-Stars (STARS).

Crypto All-Stars: A New Meme Coin Shaking Up the Market

Meme coins are returning, and familiar names like Dogecoin and Shiba Inu are seeing gains. But a new player, Crypto All-Stars (STARS), is stealing the spotlight.

This fresh project has raised over $600,000 in its presale and is turning heads in the crypto world.

Crypto All-Stars: More Than Just Another Meme Coin

Crypto All-Stars isn't your average meme coin. It's bringing something new to the table with its MemeVault feature.

This unique offering lets users stake popular memecoins like Dogecoin and Shiba Inu to earn STARS tokens.

Here's what makes the MemeVault special:

1. It allows the staking of different meme coins from various blockchains in one place.
2. Users can earn STARS tokens as rewards for staking their meme coins.
3. STARS token holders get triple the staking rewards, encouraging long-term investment.

This innovative approach uses ERC-1155 technology, setting Crypto All-Stars apart from other staking coins.Crypto All-Stars is also gaining traction fast. It's ranked among the top 10 on CoinSniper.net and ICOBench.com.

These rankings show that both retail investors and crypto experts are taking notice. Some top crypto analysts are even making bold predictions for this project.

The team at 99Bitcoins suggests STARS could 100x" after listing on crypto exchanges.

Presale Details and How to Get Involved

Currently, STARS tokens are available in the presale for $0.0013966 each.This price is set to increase as more investors join in, rewarding early participants.

The project accepts various payment methods, including ETH, USDT, BNB, and credit cards. While Ethereum and other major cryptocurrencies face bearish trends, Crypto All-Stars offers a fresh alternative.

Its MemeVault feature provides a new way to use existing meme coin holdings productively. Ready to explore Crypto All-Stars? Visit their presale page to learn more and potentially get in on the ground floor of this exciting new project.

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