The Ethereum price edged higher in the past 24 hours to trade at $2,250.22 as of 8:30 am EST as investors anticipate a short-term rally.
Selling Pressure On The Ethereum Price Could Ease Soon
Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process
— Celsius (@CelsiusNetwork) January 4, 2024
ETH may post gains in response to Celsius restructuring its bankruptcy proceedings, unstaking its ETH holdings for better financial positioning.
The significant selling pressure on the altcoin leader is expected to ease soon. Up until now, the company has been selling staking rewards on the open market to cover costs associated with its reorganization plans. This sell volume could be the reason the altcoin has been held back.
Data from the analysis tool Nansen shows that crypto wallets linked to Celsius still account for 32% of ETH awaiting withdrawal. This is around $466 million at current prices. Once these tokens are sold on the open market, the Ethereum price may have some room to move to the upside.
The Ethereum Price Still Is Still Being Held Down By Bears
Bulls are attempting to elevate the Ethereum price, as shown by the wick present underneath today’s daily candle. A daily candle close above the $2,295 resistance level could set the altcoin leader up to enter into a bullish rally in the short term.
Should this bullish thesis play out, the cryptocurrency may soar above the subsequent resistance level at $2,440. Continued buy pressure could even see ETH rise to as high as $2,685.
On the other hand, the Ethereum price failing to close a daily candle above $2,295 in the next 48 hours could lead to a correction. In this alternative scenario, the cryptocurrency may retest the $2,145 support level. A break below this significant mark will expose ETH to the risk of dropping down to $1,975.
Sellers Still Have The Upper Hand
Technical indicators on ETH’s daily chart suggested that sellers were stronger than buyers. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bearish.
The MACD line was breaking away below the MACD Signal line, which suggests that ETH’s current bearish trend will continue in the next 48 hours. In addition to this, the RSI line was breaking away below its Simple Moving Average (SMA) line. This is generally seen as an indication of sellers growing stronger against buyers.
While traders and investors wait for ETH to weather the Celsius sell volume, time is running out for investors to buy into Bitcoin Minetrix.
An Innovative Bitcoin Cloud Mining Platform
Bitcoin Minetrix is a unique cloud mining solution that aims to address the major obstacles that make the barrier to entry for cloud mining unnecessarily high. Through decentralization, the project aims to open up this passive income opportunity to everyone, especially people who are new to the complex blockchain space.
It is also making it cheaper for anyone looking to take part in cloud mining. Instead of buying expensive dedicated machinery, users will only need to stake BTCMTX tokens to get started.
Set To Ride The Bitcoin Surge
Exciting Update! 📢#BitcoinMinetrix proudly reveals another major milestone, exceeding $7,500,000 raised! 🪙 pic.twitter.com/r4LHnlqd4T
— Bitcoinminetrix (@bitcoinminetrix) January 5, 2024
BTCMTX is currently selling for $0.0126, and can be purchased on the project’s website using either Ether (ETH), Tether (USDT) and bank card. Once purchased, these tokens then need to be staked. This will reward investors with gas tokens.
With experts confident that spot Bitcoin ETFs (exchange-traded funds) will be approved this month, investors will want to utilize this opportunity to earn passive income paid in BTC. The upcoming halving event will also make BTC harder to come by.
Both of these factors could send BTC’s price skyrocketing, with huge spinoff profits for holders of Bitcoin Minetrix.
But interested investors need to move fast because BTCMTX’s price is set to increase within the next 19 hours.
BTCMTX can be purchased here.
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