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The Ethereum price dropped a fraction of a percentage in the last 24 hours to trade at $3,633.97 as of 10:51 p.m. EST as some investors decrease their exposure to the altcoin.
The drop in the ETH price comes as BlackRock’s iShares Ethereum Trust (ETHA) hit $10 billion in assets under management, according to Bloomberg ETF analyst Eric Balchunas.
In an X post yesterday, he said that ETHA is the 3rd-fastest ETF to achieve the milestone. The two ETFs above it are BlackRock’s IBIT and FIdelity’s FBTC, which are both spot Bitcoin ETFs.
Ethereum Price Trades Sideways
Daily chart for WETH/USD (Source: GeckoTerminal)
The Ethereum price is hovering between the support level at $3,454.04 and the resistance level at $3,805.63, data from GeckoTerminal shows.
That’s after the altcoin leader’s price got rejected by the resistance in the last few days. ETH has since traded sideways, which could signal indecision in the market.
If bulls step in at this point, the Ethereum price might attempt another challenge at the $3,805.63 barrier. Breaking above this level could then give the crypto the technical foundation needed to continue rising in the short term. Traders might subsequently push ETH up to the $4,195.23 resistance.
However, another rejection from the $3,805.63 resistance could lead to a test of that immediate support level at $3,454.04. If ETH breaks through this technical safety net, it might stand the risk of dropping all the way down to $3,035.93 if bulls don’t step in.
Sellers Might Try To Push The Ethereum Price Down Soon
Looking at technical indicators on the daily chart, a bearish scenario seems more likely to play out in the short term. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show sellers are starting to take control.
Over the last couple of days, the MACD line has dropped towards the MACD Signal line. This is a classic early warning that bullish momentum is cooling off. If the gap between the two lines continues to narrow, a bearish crossover might soon ensue. Traders will likely then see this as a confirmation that the Ethereum price has entered a bearish trend.
Buyers have also lost some of their strength over the last few days, with the RSI dropping from the mid 80s to the mid 70 during this period. While the current reading suggests bulls still have a strong upper hand, the downward slope of the RSI line warns this might not be the case for much longer, especially if traders start to act on the oversold conditions by selling ETH.
While sellers try to take control of the Ethereum price, investors are piling into the presale for Best Wallet (BEST). Crypto Boy, a popular crypto analyst on YouTube with over 61.5K subscribers, says it is one of the cryptos to buy now.
The Only Wallet Crypto Investors Need
Best Wallet is a new crypto wallet that entered the market in late 2024. It has since taken the crypto space by storm, and it’s easy to see why.
The wallet comes with a range of features that enable users to securely store and grow their crypto holdings all from one platform. These features include a decentralized exchange (DEX), an in-app stalking solution and much more.
Best Wallet also offers support for over 60 blockchains and the thousands of cryptos that run on them. What’s more, users can import their wallets from across the Web3 ecosystem into the app, simplifying portfolio management.
Security is also top-notch. Along with the app being non-custodial, meaning users’ private keys are not stored on a server somewhere, Best Wallet also comes with biometric access controls and 2-factor authentication.
Of all of its features, the “Upcoming Tokens” section stands out. This feature flags high-potential cryptos that are still in their early stages, and has already successfully identified Pepe Unchained (PEPU) and Catslap (SLAP). Both meme coins have gone on to print massive gains for investors.
BEST token holders also unlock additional perks such as lower transaction fees, higher staking rewards, early access to new projects, and access to Best Wallet’s governance.
BEST Presale Smashes Past $14 Million
Investors are already buying into what Best Wallet has to offer, and have pumped more than $14.1 million into the project’s ongoing ICO.
There’s still time left for investors to acquire BEST via the presale widget embedded on the project’s website. Selling for $0.025385, BEST can be purchased with both crypto or bank card.
Interested investors will want to buy before the next presale price hike that will take place in about 41 hours.
Visit the Best Wallet website.
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