Ethereum’s trading volume has experienced a significant increase of 6.79%.
The RSI was recorded at 40, indicating that the market is approaching oversold territory.
In the past week, Ethereum’s (ETH) price dropped to $3,259, causing concerns about a potential decline below $3,000. However, ETH found support and is currently being traded at $3,375, marking a 1.93% increase in the last 24 hours. Despite this recent uptick, ETH has seen a 10.30% decrease over the past month. On May 27, the price was close to $4,000, reaching $3,957, according to CoinMarketCap.
During the last week, a wealthy individual withdrew 6,127 $ETH valued at $21.7 million from Binance. This person has made a profit of $20 million from trading the token in the last two years. However, after the price dropped, they made multiple panic deposits of $ETH to Binance.
In addition to price fluctuations, the Ethereum network has encountered security issues. Tim Beiko, a core developer, confirmed that the company’s official email was hacked, resulting in unauthorized messages being sent to subscribers. Beiko cautioned users to avoid clicking on any suspicious links.
The latest update from Beiko indicates that the foundation has regained control of the email list and has securely locked all external access. They have sent a new email to inform recipients about the security breach involving a message titled “Now Available: Ethereum Foundation Staking Platform.” This email was unauthorized, and the foundation urged users to delete it immediately and refrain from clicking on any links it contained.
Will ETH Break Resistance Levels?
The daily relative strength index (RSI) currently stands at 40.01, indicating a support or neutral zone. Ethereum is currently facing immediate support at the $3,110 level. A breach below this support could lead the price to test the next major support at $2,899, with a further dip potentially taking it down to $2,650.
On the other hand, if Ethereum manages to break above the $3,300 mark, it could aim for key resistance at $3,585, with the next potential resistance at $3,809. The highest range of resistance could be between $3,900 and $4,000.
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