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The Ethereum price dropped by over 1% in the past 24 hours to trade at $2,492 as of 4:09 a.m. EST on trading volume that surged 39% to $11.8 billion.
This comes as US-based spot Ethereum ETFS (exchange-traded funds) recorded a third consecutive trading week of inflows by June 6, according to data from Farside.
Since May 16, the streak has attracted over $837.5 million in inflows.
Ethereum Price In A Consolidation Phase
The ETH price has experienced a downturn since December, trading within a falling channel pattern. This then took the Ethereum price to as low as the $1,500 support zone.
Ethereum then soared, forming a rounded bottom pattern, which is essentially a bullish trend reversal pattern.
However, after reaching the neckline around $2,713, the price of ETH has been trading in a sideways movement, showing that the asset is currently in a consolidation phase, as GeckoTerminal data shows.
However, during the surge from the rounded bottom, a fair value gap (FVG) formed, which may act as a potential support zone.
The 200-day Simple Moving Average (SMA) is well above the current price level, indicating that ETH is under a long-term bearish trend. However, in the short term, the price of ETH could be bullish, with the 50-day SMA positioned well below the asset.
Moreover, the Relative Strength Index (RSI) is currently at 51, which is an indication that ETH is currently in consolidation.
If the bears take charge of the price at this level, Ethereum price could plunge back to the FVG level around $2,000, acting as a cushion against downward pressure.
Conversely, if the price of Ethereum uses the support zone for a bounce back, the asset could rally back to the upper boundary of the consolidation phase at $2,808.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which gives token holders free BTC through airdrops.
99Bitcoins, a prominent crypto YouTube channel with over 723k subscribers, says BTCBULL is poised for massive gains.
BTC Bull Token Presale Nears $7 Million Milestone
With over $6.98 million raised, and thanks to its innovative design and reward system, investors are flocking to the ongoing BTC Bull presale.
Unlike typical meme coins, BTCBULL rewards holders with free Bitcoin through scheduled BTC airdrops triggered by the crypto market leader’s rising price.
The first BTC reward activates when Bitcoin reaches $150,000, with subsequent airdrops for every additional $50,000 increase.
A significant bonus also awaits dedicated holders when Bitcoin hits the $250,000 mark for the first time.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
To enhance scarcity and mimic Bitcoin’s limited supply, the project will also conduct periodic token burns, beginning at Bitcoin’s $125,000 milestone and continuing at every $50,000 increase in the BTC price thereafter.
That mechanism reduces BTCBULL’s supply, putting upward pressure on the BTC price.
You can purchase tokens now for $0.002555 using BNB, ETH, USDT, or a bank card and then stake them for a huge 58% annual yield.
Interested investors have less than 21 days left to buy BTCBULL.
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