Ethereum Price Drops 10%, Whales Buy $1.7B ETH from Exchanges
Over the past week, Ethereum price has decreased by 10.35%, falling below the critical $4,000 support level. Large market players and ETH whales see this decline as an opportunity for accumulation. Analysts suggest a bottom may be forming, potentially leading to an upward reversal soon.
Potential Ethereum Price Rebound
- Ethereum's price dropped 20% in the last two weeks, pushing its RSI into oversold territory, similar to April levels when it later rallied 134%.
- The cryptocurrency has rebounded from the $3,800–$3,900 range; maintaining this support is crucial for a bullish outlook.
- If overall crypto sentiment improves, ETH could aim for the $7,000–$8,000 range.
Historical Context and Future Outlook
- September has historically been weak for Ethereum and the broader crypto market, but Q4 and Q1 are often strong periods.
- Currently, ETH trades at $4,006. Failing to maintain this level might lead to a further decline to $3,600 or even $2,750 according to MVRV price bands.
Whale Accumulation
- Over three days, Ethereum whales have amassed 431,018 ETH, worth approximately $1.73 billion, from exchanges like Kraken, Galaxy Digital, BitGo, FalconX, and OKX.
- This accumulation indicates continued interest from large holders despite recent volatility.