Ethereum’s market has recently witnessed a notable downturn, with prices falling over 12% in just a few weeks. Despite hitting a low of $2,312, the cryptocurrency managed to recover slightly, rising by 5% to $2,438. This price movement comes in the wake of significant sell-offs by crypto investors known as “whales.”
How Much ETH Did the Whale Sell?
Data from blockchain analytics firm LookOnChain reveals that an anonymous whale sold approximately 6,000 ETH, which is valued at around $14.11 million. Remarkably, this whale still possesses 99,500 ETH, equivalent to $238 million based on current values. Such high-volume sales have intensified fears among traders regarding potential price corrections.
What Levels Support Ethereum’s Price?
Ethereum’s recent price drop has placed it within a vital support range of $2,440 and $2,252. A close above $2,340, which is the midpoint of this range, could signify stability and pave the way for a possible rebound. Analysts indicate that breaching the resistance level at $2,564 might lead to a surge toward $3,000 or even $3,500.
- Current trading volumes for Ethereum have diminished by nearly 35%.
- Support levels are critical for determining future price movements.
- Proposals to reduce staking requirements may increase market participation.
As fluctuations in Ethereum’s price continue, the overall market reflects a cautious atmosphere. Recent dynamics, including increased supply and large sell-offs, underscore the necessity for traders to remain vigilant when making investment choices.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/will-ethereum-recover-from-recent-price-drops