Ethereum (ETH) is down 0.4.% on Thursday following speculations surrounding the potential negative impact of Grayscale's Ethereum Trust fees and ETH dump from the Ethereum Foundation.
Grayscale's Ethereum Trust fees could spark outflows, canceling out potential inflows across Ethereum ETFs. Ethereum Foundation-related wallet has been dumping ETH on exchanges. Ethereum could see a new all-time high if it moves above a key resistance. Ethereum is down 0.4.% on Thursday following speculations surrounding the potential negative impact of Grayscale's Ethereum Trust fees and ETH dump from the Ethereum Foundation.
On the upside, ETH faces resistance around $3,977, a level it has failed to overcome since descending from its yearly high of $4,093 in March. ETH options data also shows several call options with a strike price of $4,000. Hence, prices are likely to tilt towards this level in the long run. ETH/USDT 8-hour chart A successful move above this resistance level could see ETH rally to a new all-time high in the coming months.
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