$1,200 Warning for Ethereum from Popular Analyst!

While Bitcoin continues to consolidate at the $26,000 level, the largest altcoin Ethereum is moving around $1,600.

While ETH is at low levels, whales are also taking advantage of the decline opportunity.

Popular cryptocurrency analyst Ali Martinez said Ethereum whales purchased 260,000 ETH worth $425 million in 24 hours.

“Ethereum whales appear to have purchased 260,000 ETH worth approximately $425 million in the last 24 hours.”

#Ethereum whales appear to have purchased around 260,000 $ETH within the last 24 hours, worth nearly $425 million. pic.twitter.com/rPRMhnI6oD

— Ali (@ali_charts) September 5, 2023

ETH has experienced strong selling pressure recently and is holding $1,600 as an important support level as whales capitalize on the decline in ETH.

At this point, while it remains unclear whether there will be a further decline for ETH or whether ETH whales will be able to turn this downward trend into a rising trend, Ali Martinez said that there is a possibility that Ethereum will correct up to $ 1,200.

“Ether below $1,680 is a cause for concern.

Because if this level is not maintained, this breakout may pave the way for a significant ETH correction up to $ 1,200.”

#Ethereum below $1,680 is a cause for concern, as it may pave the way for a significant $ETH correction down to $1,200. pic.twitter.com/4XwoxGaofK

— Ali (@ali_charts) September 6, 2023

Ethereum continues to trade at $1,635 at the time of writing.

*This is not investment advice.