Ethereum (ETH) is moving under sustained pressure with a depreciation in its value, mirroring the overall market sentiment. The ETH price over the last 24 hours is down by 1.72%, and over the last week it is also down by 5.58%.
At the time of writing, ETH is trading at $4,460.49 with a 24-hour trading volume of $26.27 billion, down by 15.07% over the last 24 hours. The coin has a market capitalization of $538.41 billion, which is down by 1.72%.
Source: CoinMarketCap
In general, the crypto market trend has turned bearish due to BTC’s downward momentum. This type of momentum is often linked to a short-term correction, which paves the way to long-term recovery.
A prominent crypto analyst, Ash Crypto, revealed that Bitmine Digital has made headlines after purchasing 18,730 ETH worth $84 million, signaling strong confidence in Ethereum’s long-term growth. The move highlights rising institutional interest in ETH, as the network continues to dominate DeFi, NFTs, and scaling innovations.
Source: X
Analysts suggest this large acquisition could act as a bullish catalyst, boosting market sentiment and potentially pushing Ethereum higher. With key upgrades on the horizon and whales accumulating, traders are watching closely to see if this sparks ETH’s next breakout.
Also Rad: Ethereum Price Outlook: Can ETH Break $4,800 and Rally Toward $5,800?
According to the crypto analyst Ardi, the Ethereum price is being watched very closely as an Elliott Wave pattern is forming on the charts. In accordance with the prediction, ETH is first set to experience a correction down to the $4,200 level, completing Wave 4 of the classic five-wave count before entering the final impulsive phase.
Source: X
In case it continues, Fibonacci extensions project around $6,380 as a prudent Wave 5 bullish upside objective. A more optimistic outcome is an exponential jump back up to $7,700, a price tag that would create a landmark breakout for the second-largest cryptocurrency on the planet.
According to the data from CMC, the community sentiment is a very positive one, with 82% of participants taking a bullish position. This means that there is a clear majority opinion that the price of the asset is about to increase. With a total of 1.8 million votes, such an overriding majority is an indication of considerable belief and optimism in the community.
Source: CMC
On the other hand, there was a suggestion of a bearish mindset amongst 18% of participants, meaning that there is an expectation of depreciation in the price of the asset. It is a minority compared to the bullish part, but it is a sizeable percentage of the community that are pessimistic about future performance.
Also Read: Ethereum on the Edge: Will $4,630 Spark the Next Explosive Rally?
Also read: NFT sales jump to $109.8m, CryptoPunks recover 136%
