Ethereum still has some positive Factors.
Since the beginning of this year, Ethereum (ETH) has consistently undergone significant improvements. The factors contributing to Ethereum's increased market value are closely tied to inflation gradually decreasing, relatively low interest rates, and the collapse of traditional banking in recent months, leading to a greater influx of individuals purchasing digital currencies.
It is common for transaction fees to increase as transaction volume rises. However, just a few days ago, it was announced that the average transaction fee for Ethereum had decreased to $7.34 (approximately 255 Thai Baht) from its peak of $20 (approximately 695.80 Thai Baht) in May 2023.
The volume of trading in decentralized exchange (DEX) platforms has influenced the increase in Ethereum transaction fees. Additionally, the rise in the volume of Memecoins traded on DEX platforms has also contributed to the increase in Ethereum transaction fees in May.
Furthermore, it has been observed that the largest Ethereum whales have been accumulating Ethereum throughout 2023. According to a report by Santiment, a crypto analytics company, the top 10 Ethereum whales currently hold a record high of 31.8 million ETH, with a total value exceeding $59.6 billion.
Overall, these developments indicate that Ethereum is continuing to progress and attract significant interest and investment. However, it is important to note that the cryptocurrency market can be highly volatile and subject to various factors that can influence its future performance.
Santiment also mentioned that “Ethereum continues to increase in quantity, a significant amount is being sent to self-custody wallets and the DeFi market. These large quantities of coins are being accumulated by the largest whales in the network."
On the other hand, some whales have been observed transferring a considerable amount of Ethereum, reaching hundreds of thousands of ETH, at a time when the crypto market is experiencing intense selling pressure. Whale Alert, a platform that tracks whale movements, has detected significant transfers of Ethereum, with one instance involving 353,579 ETH, equivalent to nearly $400 million. This transfer can be interpreted as a clear indication of selling.
Furthermore, the decrease in prices of cryptocurrencies has been influenced by recent news, particularly the Securities and Exchange Commission (SEC) filing a lawsuit against Binance, one of the world's largest cryptocurrency exchanges, and its CEO Changpeng Zhao. The SEC alleges that Binance violated investor protection laws and securities laws.
These events and developments have had an impact on the price of digital currencies, including Ethereum. It's worth noting that the cryptocurrency market is highly sensitive to news and regulatory actions, which can result in significant price fluctuations.
Technical analysis data (5H)
Resistance: 1850.84, 1857.67, 1861.84
Support: 1839.84, 1835.67, 1828.84
Buy/Long 1: If there is a touch of support in the price range of 1835.67 - 1839.84 but unable to break the support at 1839.84, you may consider setting a TP around 1857.67 and a SL around 1828.84 or according to your acceptable risk level.
Buy/Long 2: If you are able to break the resistance in the price range of 1850.84 - 1857.67, you may consider setting a TP around 1861.84 and an SL around 1835.67 or according to your acceptable risk level.
Sell/Short 1: If there is a touch of resistance in the price range of 1850.84 - 1857.67 but unable to break the resistance at 1850.84, you may consider setting a TP around 1835.67 and an SL around 1861.84 or according to your acceptable risk level.
Sell/Short 2: If you are able to break the support in the price range of 1835.67 - 1839.84, you may consider setting a TP around 1828.84 and an SL around 1857.67 or according to your acceptable risk level.