From Investing.com: 2024-06-11 16:39:29

Twelve cryptocurrency wallets recently purchased 156,733 Ethereum from Coinbase for $574 million, at an average price of $3,664 per unit. Despite the significant purchase, Ethereum’s price is facing challenges amidst market corrections.

One interesting trend is the significant decrease in Ethereum supply on exchanges, reaching its lowest level in seven years. This could potentially lead to a significant price increase for Ethereum, as highlighted by experienced crypto investor Lark Davis.

The recent approval of Ethereum ETFs by the SEC has generated excitement in the crypto community, opening the door for potential significant investments. Bobby Banzai predicts monthly inflows of $569 million into Ethereum ETFs based on international ETF performance and CME futures data.

Although positive developments are happening, Ethereum’s price has dropped by 4.91% in the last 24 hours to around $3,494.18. Spot On Chain suggests a cautious short-term outlook, predicting a potential 7% correction from the current price level. Ethereum may face support at $3,302 if the downward trend continues.

Read more at Investing.com: Ethereum in demand as investors buy the dip By Investing.com