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The ethereal ethereum/”>price rose in the last 24 hours to trade at $2,250.22 at 8:30 am EST, as investors anticipate a near-term rally.
Selling pressure on ethereum price could ease soon
Celsius will eliminate existing eth holdings, which have provided valuable staking reward income to the estate, to offset certain costs incurred during the restructuring process.
– Celsius (@CelsiusNetwork) January 4, 2024
eth may post gains in the coming weeks as cryptocurrency lender Celsius begins to restructure its bankruptcy proceedings. The company said it will eliminate its holdings of the second-largest cryptocurrency.
This could eliminate a factor that has contributed to the altcoin leader's poor performance in recent months. Until now, the company has been selling staking rewards on the open market to cover costs associated with its reorganization plans. This sales volume could be the reason why the altcoin has been held back.
ai/public/dashboards/Hk93n66vsO0uvycfui8ypF2xcpNhpraxfwX5AWZJ”>Data The Nansen analysis tool shows that Celsius-pegged crypto wallets still account for 32% of eth pending withdrawal. This is equivalent to about $466 million at current prices. Once these tokens are sold on the open market, the ethereum the price may have some room to move higher.
ethereum price still being held down by bears
Daily chart for eth/USDT (Source: TradingView)
The bulls are trying to raise the ethereum price, as shown by the wick present below today's daily candle. A daily candle close above the $2,295 resistance level could see the altcoin leader enter a bullish rally in the near term.
If this bullish thesis holds true, the cryptocurrency could rise above the next resistance level at $2,440. Continued buying pressure could even push eth up as high as $2,685.
On the other hand, if ethereum price fails to close a daily candle above $2,295 in the next 48 hours, it could trigger a correction. In this alternative scenario, the cryptocurrency may retest the $2,145 support level. A break below this significant mark will expose eth to the risk of falling to $1,975.
Sellers still have the upper hand
Technical indicators on the daily eth chart suggested that sellers were stronger than buyers. In addition to this, the ethereum The price was in a negative trend. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were in a bearish trend.
The MACD line broke below the MACD signal line, suggesting that the current eth bearish trend will continue in the next 48 hours. In addition to this, the RSI line was separating below its simple moving average (SMA) line. This is generally seen as an indication that sellers are strengthening against buyers.
As traders and investors wait for eth to withstand Celsius turnover, time is running out for investors to buy bitcoin Minetrix.
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Exciting update! #BitcoinMinetrix proudly reveals another important milestone: surpassing $7,500,000 raised! pic.twitter.com/r4LHnlqd4T
—Bitcoinminetrix (@bitcoinminetrix) January 5, 2024
BTCMTX is currently selling for $0.0126 and can be purchased on the project page. website using Ether (eth), Tether (USDT) and bank card. Once purchased, these tokens must be staked. This will reward investors with gas tokens.
These rewards then need to be burned for investors to claim their share of the project's cloud mining power.
With experts confident that spot bitcoin ETFs (exchange-traded funds) will be approved this month, investors will want to take advantage of this opportunity to earn passive income paid in btc. The upcoming halving event will also make it harder to get btc.
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But interested investors must act fast because the price of BTCMTX will rise in the next 19 hours.
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