Ethereum Price Pumps Almost 5% As Grayscale Sends $358M ETH To Coinbase And This PEPE 2.0 ICO Blasts Past $6M
Release: 2024/07/29 20:02 Reading: 559
Ethereum Price Surge Amidst Trading Volume Dip
Ethereum's price has surged by approximately 5% in the past 24 hours, reaching $3,376 as of 03:37 a.m. EST. This surge occurred despite a 25% decline in trading volume, which now stands at $11 billion.
Grayscale's Ethereum Transfers
Grayscale Investments recently transferred 110,867 Ethereum, valued at over $358 million, to Coinbase Prime. This move comes after significant outflows from Grayscale's ETHE ETF (exchange-traded fund) following the debut of Ethereum ETFs last week.
Bullish Outlook for Ethereum
Ethereum's price analysis suggests a bullish bias in the short term. The token has crossed above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating positive market sentiment. The Relative Strength Index (RSI) also trades close to the 70-overbought region, suggesting strong buying interest.
If the buying pressure continues, Ethereum could potentially rally above the $3,525 resistance level, targeting $3,800. Conversely, if the bears regain control, ETH may retrace to the support level at $3,108.
Pepe Unchained Gains Traction
Meme coin enthusiasts on the Ethereum blockchain are flocking to Pepe Unchained (PEPU), a new Layer-2 token that has raised over $6.1 million in its presale. PEPU aims to address the limitations of the original Pepe token, including network delays and high gas fees.
Investors can participate in the presale on the official website using ETH, USDT, or a bank card. Currently, each PEPU token is priced at $0.0087344.
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