ETH Dips 2.51% Despite BlackRock Purchases and US Spot ETF Approval Amid Heavy Trading
Ethereum (ETH) is currently trading at $2,570.24 on Binance, reflecting a 2.51% decline over the past 24 hours from an opening price of $2,636.41. The recent price decrease can be attributed to a combination of factors: despite positive institutional developments such as BlackRock's significant Ethereum purchase and the approval of ETH spot ETFs in the United States, as well as notable inflows into Ethereum investment products, ETH has faced persistent resistance at the $2,660–$2,745 range. Increased trading activity, with 24-hour volumes reaching up to $23 billion, has not been sufficient to break through this supply wall, and broader market sentiment has contributed to the downward movement. The current market capitalization stands at approximately $317.54 billion, with ETH maintaining a strong presence across over 10,000 markets, though its valuation remains below last year’s levels.
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📊#ETH Bearish Head and Shoulders📉
🧠From a structural perspective, we failed to break through the blue resistance zone yesterday, but fell below point 4, which means that the previous rise is over and the probability of continuing the bullish force is reduced. If it went straight up yesterday and reached the heavy resistance area of 2860-2911 that I want to focus on, then I would try to short trade, but the market did not give us such an opportunity.
➡️From a graphical perspective, we have built a bearish head and shoulders structure in the resistance area, and we have formed a rising wedge after this period of sideways consolidation. Both models are bearish expectations, so we need to be wary of the risk of a pullback.
Let's take a look👀
🤜If you like my analysis, please like💖 and share💬
#Wolf_king88 $ETH
{future}(ETHUSDT)
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