Ethereum Price Declines 4% Amid Whale Movements, Analysts Remain Optimistic
Ethereum (ETH) has experienced a price decline, trading around $2,400 after reaching $2,700 last week, marking a 4% decrease in 24 hours. This drop is attributed to significant sell-offs by large investors, or "whales," who are taking profits and cutting losses.
- A whale sold 7,000 ETH for approximately $16.88 million, resulting in a loss. This whale previously withdrew about $48.82 million worth of ETH from Binance at a higher price.
- This whale retains 6,479 ETH, reflecting an unrealized loss exceeding $16.28 million.
- Another whale sold 2,534 ETH for around $5.86 million, achieving a profit of $1.9 million after three prior consecutive losses totaling $1.8 million.
Market Analysis
Analysts express cautious optimism. Key points include:
- Ali Martinez indicates that as long as ETH remains above the $2,200 support level, potential upward movements could target $3,000 and possibly $4,000.
- Friedrich maintains a bullish outlook, predicting a rise to $10,000.
ETH is currently down 51% from its all-time high of $4,891 reached in November 2021. The daily chart shows ETH has recently pulled back from overbought conditions, approaching critical support at the mid-band of the Bollinger Bands.
If ETH falls below this support, a retest of the $2,200 level may occur. The Relative Strength Index (RSI) stands at 60, indicating fading bullish momentum but not yet oversold. A bounce could see ETH reclaiming $2,600 with resistance near $2,900.
ETH price chart with RSI and Bollinger Bands | Source: Trading View