The Tesla Shock Nobody Sees Coming

While headlines scream "Tesla is doomed"...Jeff Brown has uncovered a revolutionary AI breakthrough buried inside Tesla's labs. One that is helping AI escape from our computer screens and manifest itself here in the real world all while creating a 25,000% growth market explosion starting as early as July 23rd.

Ethereum's 'Important Week:' $4,000 Tapped But Why Is ETH Going Down?

Khyathi Dalal
December 09, 2024

Ethereum's (CRYPTO: ETH) to $4,000 has come to a sudden end on Monday, but traders on social media continue to see bullish catalysts driving ETH higher in the future.

CryptocurrencyPrice    Market Cap24-Hour Trend7-Day Trend
Ethereum (CRYPTO: ETH) $3,848.94$463.6 billion -3.5% +6.6%
Bitcoin (CRYPTO: BTC) $97,809.31$1.93 trillion -2.1% +2.6%
XRP (CRYPTO: XRP) $2.41$137.4 billion -6.9% -10.3%

Trader Notes: With Ethereum prices dropping 3.7% below $4,000, crypto trader Wolf highlights $3,500 as “solid support,” suggesting this may be the final chance to buy before Ethereum accelerates higher.

Trader Jelle points out that Ethereum has broken through major resistance and is now retesting previous highs, advising holders to remain patient as price discovery is imminent. He calls this an "important week."

Crypto trader Pentoshi sees Ethereum benefiting from steady ETF inflows and structural improvements. With minimal resistance left to its all-time high, it may act as a price magnet, potentially enabling a surge into uncharted territory.

Statistics: Fidelity's Ethereum Fund contributed the majority of last week's $83.3 million in ETH ETF inflows, marking the longest streak of positive inflows since the ETFs launched in July 2024, according to SoSoValue.

DefiLlama data shows Ethereum's total value locked peaking to $76.5 billion, the highest since April 2022.

IntoTheBlock data shows a decline of 30.3% in large transaction volume and 4.6% dip in daily active addresses.

Transactions greater than $100,000 decreased from 6,748 to 5,699 in a single day. Exchanges netflows are up by 59.5%.

90% of ETH holders are in profit.

Community News: On Dec.7, Ethereum co-founder Vitalik Buterin weighed in on blockchain principles, responding to Celestia’s Nick White, who emphasized that blockchains exist to eliminate centralized committees and intermediaries.

Buterin clarified that in addition to verifiability, “highly democratized participation” is essential for Ethereum’s identity and long-term success.

Read Next: 

  • Ethereum Rallies 50% In A Month, Trader Predicts ‘Legendary Breakout’: What’s Driving The Surge?

Image: Shutterstock

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