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The Ethereum price rose by a fraction of a percentage in the last 24 hours to trade at $3,823 as of 03:43 a.m. EST on trading volume that soared 21% to $11.6 billion.
This comes as records show that $3 billion worth of ETH has been removed from centralized exchanges (CEXs) since the May 23 approval of spot Ether exchange-traded funds (ETFs), which signals a looming supply squeeze.
According to CryptoQuant data, the amount of Ether on exchanges fell by around 797,000 between May 23 and June 2.
Some analysts predict ETH could break its all-time high (ATH) of $4,870 once spot Ether ETFs start trading due to increased demand, similar to the trading pattern of Bitcoin after the trading launch of spot BTC ETFs in January.
Ethereum Price Set To Bounce Off The $4,019 Resistance, Gearing Up Towards A New ATH
The Ethereum price was on a downtrend from mid-March to the beginning of May. The $2,829 support zone allowed the bulls to push the price over to the $4,019 resistance zone, forming a rounding bottom pattern, according to data from GeckoTerminal.
However, the price negated the bullish prospects, dropping to $3,718. If the bulls sustain the bullish rally using this support, ETH will complete a cup-and-handle pattern, further supporting the long-term bullish potential.
ETH trades above both the 50-day and 200-day Simple Moving Averages (SMAs), with $3,810 and $3,328 acting as the immediate support levels.
The Relative Strength Index (RSI) is rebounding from the 50-midline level as it hurtles toward the overbought region, currently trading at 56. If the bulls keep on buying, the RSI could soar to the 70-overbought region, indicating intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) indicates that ETH is set for a bullish rally, with the MACD line (blue) crossing above the signal line (orange), forming a bullish crossover.
Ethereum Price Prediction – Can ETH Hit A New ATH?
The Ethereum price long-term analysis on a 4-hour chart indicates a bullish bias, as the bulls aim to push the price above the $4,019 resistance, currently targeting a price above its ATH, set at $5,300.
The 50-day SMA also trades above the 200-day SMA, forming a golden cross at $3,107, encouraging the bulls to buy more.
However, with the RSI and MACD showing that investors are buying more, there could be a looming slight retrace, with $3,328 as the support level, coinciding with the 200-day SMA.
As the Ethereum price gears up for a bullish rally to a new ATH, some investors are buying $99BTC, an ICO that’s already raised more than $1.8 million.
99Bitcoins Presale Surges Past $1.8 Million In Funding – Best Alternative To Buy Now?
As Bitcoin surges in popularity, the demand for cryptocurrency education is exploding.
Since its inception in the crypto realm, 99Bitcoins (99BTC) has gained traction as a major pillar of crypto education. The platform is addressing this need with a comprehensive library of resources and a ground breaking Learn-to-Earn model.
The platform has over 2 million registered users, and more than 700,000 subscribers on its YouTube channel. With its 99BTC ICO, 99Bitcoins is set to gamify crypto education by allowing users to complete lessons and tackle challenges to earn higher rankings and rewards through $99BTC tokens.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
99Bitcoins also merges with BRC-20, which allows developers to seamlessly build dApps on the Bitcoin Network.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
Token holders are also lured to the project by its staking model, which offers investors an impressive 879% annual percentage yield (APY).
According to crypto analysts Jacob Bury, 99Bitcoins has the potential to surge 10X after launch.
You can buy $99BTC tokens for $0.00107 each. With a price hike coming in less than 24 hours, buy soon to lock in the best deal.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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