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 as they believe that the EF leadership is not taking the proper steps to push the cryptocurrency. It remains relatively stagnant after several weeks 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 had a significant leadership shake-up as it replaced its longtime executive director Aya Miyaguchi. Investors believe such change bring in an individual who will listen to the community more.
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 drive further interest. They asserted that collaborating with political figures may improve its adoption, driving prices higher.
The last statement may not be far-fectched as the assets like XRP another cryptocurrencies saw significant boost from news of promised adoptions. These fundamentals contributed to the over 200% price increase it had in 2024.
The apex altcoin significantly gained from the exchange-traded funds launch. It registered significant inflow that impacted prices. Ethereum ETF issuers are pushing for staking as part of their service and await regulatory nods.
ETH Gears Up For Short Correction
The ETH/USD pair slipped below $3,300 in the early hours of Wednesday. It trades at $3,236 at the time of writing as it loses almost 3%. The apex altcoin failed to continue the upticek after two days of slight price increases.
Data from CryptoQuant suggest and ongoing selloff. The coin’s exchange reserves significantly increased over the last 24 hours, continuing its seven-day trend. The notable decline in buying sentiment across several regions may be th reason for the dip. 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 51% and active addresses declined by over 4%.
What the Chart Say
Indicators on the one-day chart prints mixed signals. The moving average convergence divergence display the completion of a bearish convergence. The 12-day EMA is currently in contact with the 26-day EMA. A full interception may show the bulls’ failure to resume the uptrend
However, the relative strength index trends at 45, revealing that the bears are slightly edgin and price may decline further. The metric trends with the mid-line, hinting at possible recovery. The Bollinger bands supports claims of further price increases as the altcoin trades between the lower band and middle band.
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 price close to $3,500
