Ethereum is seeing notable media attention at the time of writing. The asset may see a remarkable change in its price trend as the Ethereum Foundation sees further changes to its leadership.
Investors are slowly losing interest in the asset and its long-term prospects. They believe that the EF leadership is not taking the proper steps to promote the cryptocurrency. After several weeks, it has remained relatively stagnant despite the significant increases in other assets.
The Ethereum community mounted increased pressure on the EF leadership to be more active in promoting the altcoin’s public perspective instead of focusing on just the technical part. They believe this move will inspire more interest in the coin.
The Ethereum Foundation underwent a significant leadership shake-up when it replaced its longtime executive director, Aya Miyaguchi. Investors believe this change will bring in an individual who will listen more to the community.
However, Vitalik Buterin asserted that this may not be the case as he chooses who will lead the foundation and may decide to bring in a similar individual with the same ideology as the outgoing director.
How Will it Affect Ethereum?
Investors believe that improving the ETH’s public image will increase interest. They assert that collaborating with political figures may improve its adoption, increasing prices.
The last statement may not be far-fetched as the assets like XRP, another cryptocurrencies, saw a significant boost from news of promised adoptions. These fundamentals contributed to its over 200% price increase in 2024.
The apex altcoin significantly benefited from the launch of exchange-traded funds, registering a significant inflow that impacted prices. Ethereum ETF issuers are pushing for staking as part of their service and await regulatory approval.
ETH Gears Up For Short Correction
The ETH/USD pair slipped below $3,300 in the early hours of Wednesday. At the time of writing, it trades at $3,236, having lost almost 3%. After two days of slight price increases, the apex altcoin failed to continue the uptick.
Data from CryptoQuant suggest an ongoing selloff. The coin’s exchange reserves significantly increased over the last 24 hours, continuing its seven-day trend. The dip may be caused by the notable decline in buying sentiment across several regions. The Coinbase premium is negative, as US investors are less bullish than the previous day.
The Korea premium prints the same reading. showing notable bearish sentiment. ETFs and other crypto products recorded notable outflows. However, transfer volume dropped by 51%, and active addresses declined by over 4%.
What the Chart Says
Indicators on the one-day chart print mixed signals. The moving average convergence divergence displays the completion of a bearish convergence. The 12-day EMA is currently in contact with the 26-day EMA. A complete interception may show the bulls’ failure to resume the uptrend.
However, the relative strength index trends at 45, revealing that the bears are slightly edging and that thed price may decline further. The metric trends with the mid-line, hinting at a possible recovery. The Bollinger band supports claims of further price increases as the altcoin trades between the lower and middle bands.
The Fibonacci retracement level points to a possible dip to the 61% fib mark at $3k. On the other hand, it could see notable changes in current market sentiment, sending the price close to $3,500
