thenewscrypto.com
- Ethereum is trading at $3.4K, up by 4.87% over the past week.
- The largest altcoin’s daily trading volume is up by 51.96% in 24 hours.
The crypto market is slightly recovering from the bearish momentum, and Ethereum ($ETH), the largest-capped altcoin has increased by 2.75% in the last 24 hours, with the price at $3,477.
Amid the market fluctuations, an Ethereum whale transferred 7,000 $ETH valued at $24.28 million, to the crypto exchange Kraken after 209 days of inactivity. The whale participated in the Ethereum Initial Coin Offering (ICO) in 2015. Despite the transfer, the whale still holds 40,000 $ETH, worth $139.5 million.
According to Arkham Intelligence data, the U.S. government transferred 3,375 Ethereum, three hours ago, valued at approximately $11.75 million. The total holdings of the U.S. government are 50.524K $ETH, worth $175 million.
The transfer was followed by the Spot Ether ETF S-1 filings. Meanwhile, the U.S. SEC has returned the S-1 forms for further review and amendment before the approval process and suggested refiling by July 8.
Can $ETH Break the Upcoming Resistance?
Over the past week, $ETH was up by 4.87%. However, in the last month, it has seen an 8.41% decline. The daily relative strength index (RSI) stays in the 48.74 range, indicating the asset is approaching the neutral zone.
Analyzing the 24-hour price chart, if there is a recovery wave, the price could face a key resistance in the $3,695 range. If the bullish trend persists, the next major resistance level to be found is between $3,730 – $3,796. Furthermore, the higher target might be at the $4K range.
Conversely, if Ethereum’s price fails to climb above the resistance zone, it may drop to immediate support near the $3,338 level. The second subsequent support may seemingly be found at $3.284. Any more losses might send the price toward the $3,247 support zone.