Ethereum is currently priced at $3.4K, marking a 4.87% increase over the past week. The daily trading volume of this leading altcoin has surged by 51.96% within 24 hours. The cryptocurrency market shows signs of a slight recovery from recent bearish trends, with Ethereum (ETH) experiencing a 2.75% rise in the last day, now valued at $3,477.
During these market fluctuations, a prominent Ethereum whale, who initially participated in the 2015 Ethereum Initial Coin Offering (ICO), has transferred 7,000 ETH worth $24.28 million to the Kraken crypto exchange after a period of 209 days of inactivity. Despite this transfer, the whale still retains 40,000 ETH, equivalent to $139.5 million.
Recent data from Arkham Intelligence reveals that the U.S. government has transferred 3,375 Ethereum valued at approximately $11.75 million just three hours ago. The government’s total holdings now amount to 50.524K ETH, valued at $175 million.
Following this transfer, there have been developments with the Spot Ether ETF S-1 filings. The U.S. SEC has returned the S-1 forms for further review and amendment, recommending refiling by July 8.
Looking at Ethereum’s recent performance, it has seen a 4.87% increase over the past week, but a decline of 8.41% over the last month. The daily relative strength index (RSI) is currently at 48.74, suggesting Ethereum is approaching a neutral position.
Analyzing the 24-hour price chart, Ethereum might encounter significant resistance around the $3,695 mark if a recovery wave continues. A sustained bullish trend could push the price toward the next major resistance levels between $3,730 to $3,796, with a potential target near $4,000.
Conversely, if Ethereum fails to surpass the resistance zone, it could find immediate support around $3,338, followed by a secondary support level at $3,284. Further declines might lead the price towards the $3,247 support zone.
In other news, Mog Coin has surged with a 100% increase in market cap, surpassing BOME.
[Insert ETH price chart image sourced from TradingView]
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