The cryptocurrency market has been in constant flux in recent days. Among them, ETH’s sharp correction caused its value to drop from a high of $1,710 to a low of $1,460 in the past 11 days.
The sudden and sharp drop has become the talking point of investors and traders as they try to understand the underlying reasons for the move.
whale for sale Ethereum
While market conditions can play an important role in price corrections, the behavior of Ethereum whales can be a major factor.
On-chain data shows that whales holding between 100,000 and 1,000,000 ETH sold or redistributed roughly 350,000 ETH worth $560 million during the 11-day period. A large outflow of ETH can have a significant impact on the price adjustment an asset undergoes.
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The recent price correction has put ETH in a precarious position, evident in IntoTheBlock’s Global In-the-Money Money In/Out (GIOM) model.
The pattern shows that the second-largest cryptocurrency by market capitalization has lost the key support area of $1,600 and now faces major challenges recovering from the decline. The next key support area is at $1,330, after more than 6.18 million addresses purchased 12.63 million ETH.
source: enter the block
However, ETH is not over yet. To end the current downtrend, the price needs to recover quickly and regain support at $1,600.
This could be a turning point for the altcoin king and could set the stage for a rally towards the $2,000 mark.
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According to Beincrypto