Ethereum price bleeds trading at $3,070 amid bearish trends
2025-01-27
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The cryptocurrency which reportedly dominates 11 percent of the wider crypto market has been bleeding heavily, and when writing Ethereum was trading at $3,070 with an intraday decline of 7.36 percent and in the same time frame, its market capitalization lost 7.90 percent reaching at $369.04 billion. Source: TradingView 
According to on-chain data, in the last few weeks whale wallets have been swapping and trading Ether to gain huge profits, some of the wallets have been reported awake after they held Ethereum in its initial days. 
The trading volume of ETH ballooned 123.1 percent and as of writing it was $28.68 billion the trading volume has grown to new heights in the past few weeks. Ethereum market capitalization fell by 5.04 percent in the past seven days and around 9 percent in the past one month. Source: TradingView Ether falling to retest $3,500
The trading price of Ethereum has lost momentum and when writing was trading below 20, 50, 100, and 200-day exponential moving average, and in the past seven days a bleed of 5.51 percent has been observed in the trading price of Ethereum. 
If the prices of the Ether continue to move toward the red territory it might soon face initial support of $2,885 followed by $2,495 and if bulls succeed in dragging the price up it might face immediate resistance of $3,898 followed by nearest resistance of $4,147. 
The daily chart’s RSI indicator is heading downward at 42, below its neutral level of 50, suggesting negative momentum. On Sunday, the MACD indicator also displays a bearish crossover, signifying a declining trend.
The crypto has been growing bullish against the backdrop of a spike in whale buying overall, despite the recent lackluster performance, market watchers anticipate price momentum shifts ahead.Ethereum chain has marked major milestones in 2024
In terms of revenue from gas fees, Ethereum saw an increase of 3 percent from the revenue reported in 2023, which was $2.41 billion. The second spot was acquired by Tron Network which added $2.1 billion and Bitcoin with $992.9 million in fees stands in the third rank. 
Ether chain revenue from gas fees was $2.41 billion. It is worth noting that almost half of the revenue was gathered in the first quarter of 2024. The blockchain has set a new milestone in the total number of projects, yet in the past 52 weeks, the development of projects remains at its peak on Solana. 
From 3.43 million ETH tokens to 1.05 million, the volume of major transactions has decreased. “The Ethereum Foundation sold 100 $ETH for 307,893 $DAI again after just 7 days!” reads an X post from Spotonchain on January 27, 2025. In the first 27 days of 2025, 300 $ETH have been sold for $981.2K at an average price of $3,271. © Todayq News