Ethereum (ETH) is moving in a neutral price setup after facing the resistance around the $2,400 level, with the changing conditions in the crypto market. According to CoinMarketCap, as of Monday, April 20, the ETH price has shown stability over the last 24 hours, but it has surged by 5.31% over the last week.
At the time of writing, ETH is trading at $2,314.49, with a trading volume of $18.26 billion, which has increased by 29.82% over the last 24 hours. However, its market capitalization stands at $279.43 billion, which is slightly down by 1.11%.
Source: CoinMarketCap
Also Read: Ethereum Could Rally if Breaks $2,500 Resistance with Strong Close
Ethereum (ETH) Could Reclaim $2,400 and Rally to $3,400
However, the crypto analyst Ted revealed that Ethereum has turned bearish after failing to hold above the $2,400 resistance, a level many saw as key for further upside.
Rising tensions between the United States and Iran have added pressure, pushing investors away from risk assets. As sentiment weakens, Ethereum now tests a crucial support zone between $2,150 and $2,200.
Source: Ted’s X Post
Failure of this type of support will see the ETH falling below $2,000, thereby consolidating the bearish trend.
On the other hand, a bullish move above $2,400 will bring back the market’s positivity and pave the way for moving up towards $2,780. With further improvement in the conditions, the price can reach $3,400.
Large ETH Transfer Hints at Institutional Strategy
Apart from this price movement, the data from Lookonchain highlighted that an inactive cryptocurrency wallet known as 0x3CEE, which was earlier linked to Matrixport, has become active again after lying low for a year.
The wallet withdrew 6,382.5 ETH (approximately $14.5 million) from OKX within an hour. The sudden movement has made waves in the market, suggesting that something big is afoot.
Source: Lookonchain’s X Post
After the transaction, the wallet holds 18,383 ETH, valued at $41.75 million, representing an increase in holdings that cannot be overlooked.
Such a significant transfer of funds into a dormant wallet generally tends to generate many speculations, including the possibility of institutional investment, increased confidence in the Ethereum network, and preparation for staking, trading, or DeFi activities.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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