Thursday, 30 May 2024
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The price of Ethereum (ETH) drops by another 1.5%

  • The value of Ethereum (ETH) has dropped 1.5% in the past day to as low as $2,884.
  • Ethereum’s price has dropped by 8% this week as a result of this.
  • Ethereum’s (ETH) continuous downward trend and projects a drop to between $2,500 and $2,750.

The value of Ethereum (ETH), the second-largest cryptocurrency in the world, has dropped 1.5% in the past day to as low as $2,884. Ethereum’s price has dropped by 8% this week as a result of this.

An early Ethereum holder, 0x2ce, deposited 4,153 ETH, or $12.2 million, into Coinbase for $2,931 per ETH. Spot On Chain, a well-known on-chain data source, has discovered noteworthy transactions about this individual.

Price of Ethereum

As seen by the whale’s prior transactions, which include the withdrawal of 12,423 ETH from Poloneix in 2016 and the transfer of 9,436 ETH into Coinbase and Luno starting in 2021, this fits a pattern. Based on current data, 0x2ce has 2,566 ETH worth $7.48 million and is expected to make $28.5 million in total profit—a phenomenal 204% gain.

Investors in Ethereum had been hoping that the spot Ethereum ETF would launch by the end of May, but market observers have said that there is still very little chance that this would be approved.

The outcome of the U.S. election in November may affect the composition of the SEC, maybe leading to a chair who is more supportive of cryptocurrency if Donald Trump wins a second term. With a new chair taking office in April or May and files starting as soon as possible, deadlines for approval or rejection may fall around December 2025.

Michael van de Poppe, a cryptocurrency analyst, draws attention to Ethereum’s (ETH) continuous downward trend and projects a drop to between $2,500 and $2,750. This prediction is based on the potential for additional hold-ups in the authorization process for an Ethereum ETF.

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