Ethereum Price Declines to $2,511 with Resistance Near $4,000
Ethereum's price has declined by 9.4% over the past week, currently trading at $2,511 after briefly surpassing $2,800. This drop is part of a broader consolidation in the digital asset market.
Technical Resistance for Ethereum
The 50-week exponential moving average (EMA) is identified as a key resistance level. Historically, ETH breakouts above this mark have led to price increases between 25% and 135%, potentially targeting $4,000.
Investor Accumulation and Staking Growth
- Over 500,000 ETH staked in June, totaling over 35 million ETH locked in proof-of-stake contract.
- This represents the highest staking amount ever, indicating increased network participation.
- Accumulation addresses holding 22.8 million ETH reached an all-time high, reflecting long-term holding rather than speculative trading.
Institutional interest remains strong, with recent developments including the approval of spot ETH ETFs and a $425M reserve strategy from SharpLink Gaming in partnership with ConsenSys.