Ethereum Price Pumps Almost 5% As Grayscale Sends $358M ETH To Coinbase And This PEPE 2.0 ICO Blasts Past $6M

Ethereum Price Surges Amidst Reduced Trading Volume

The Ethereum price has experienced a significant 5% surge in the past 24 hours, reaching $3,376 as of 03:37 a.m. EST. This increase occurred despite a notable 25% decline in trading volume to $11 billion.

Grayscale Transfers Ethereum to Coinbase Prime

This price action coincides with Grayscale's transfer of 110,867 Ethereum, valued at over $358 million, to Coinbase Prime.

Ethereum ETF Outflows at Grayscale

In the wake of the launch of Ethereum ETFs last week, Grayscale's ETHE ETF has witnessed substantial outflows.

Ethereum Price Poised for Bullish Rally

The Ethereum price has exhibited bullish momentum in July. It has utilized the $2,870 support level to propel towards the $3,525 resistance zone.

Bullish Indicators Confirmation

Ethereum's price has crossed above both the 50-day and 200-day SMAs, indicating bullish sentiment. The RSI is also trending upwards, currently at 62, approaching the overbought region. These indicators suggest a potential rally above the $3,525 resistance.

Target and Potential Retracement

If buyer momentum continues, Ethereum may aim for the $3,800 resistance level. However, should the bears regain control, it could retrace back to $3,108 support.