Ethereum Price Prediction: $419M in Sell Pressure Hits ETH – Is The Bull Market Over?
Main Idea
Ethereum (ETH) faces significant sell pressure but remains bullish as whales absorb the selling, with potential for a breakout to new highs. Meanwhile, Bitcoin Hyper (HYPER) raises $7.4 million in its presale, aiming to launch a Bitcoin layer-two network.
Key Points
1. Ethereum's price surged to $3,819 in 24 hours, up 49% from a month ago, despite absorbing $418 million in sell pressure.
2. Net taker volume for ETH was -$418 million, the second-largest daily sell-side imbalance ever, yet bullish indicators like RSI and MACD suggest potential for further gains.
3. Bitcoin Hyper (HYPER) raised $7.4 million in its presale, planning to launch a Bitcoin L2 network using zero-knowledge proofs and Solana’s Virtual Machine for improved scalability and DeFi integration.
4. HYPER will have a max supply of 21 billion tokens, enabling BTC holders to deposit funds and receive equivalent HYPER for use within its ecosystem.
5. Despite sell pressure, Ethereum's long-term price prediction remains bullish, with potential to break above $4,000 and target $5,000.
Description
The Ethereum price has surged to $3,819 in the past 24 hours, outpacing Bitcoin with a sharp 5% surge that signals renewed strength in the altcoin market. Despite a minor dip over the past week, ETH is now 49% higher than it was a month ago, as institutional and corporate buyers continue to pile in. Today’s rally has absorbed more than $400 million in sell pressure from the previous day, and ETH is now eyeing a breakout above key resistance. If that level gives way, the stage could be set for ne...
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