Ethereum Dips as Investors Sell, Support Holds
The Most Important Points at a Glance
Ethereum (ETH) is under significant selling pressure after so-called “whales” – investors with large ETH holdings – sold over 440,000 ETH in a short period. Despite the price declines, there are signs of a potential recovery. Key support levels are holding so far, and network activity remains stable.
Massive ETH Sell-Off by Large Investors
Over the past week, large investors have sold substantial amounts of Ethereum. A single wallet holder sold 8,074 ETH at an average price of $2,431 USD. Another investor transferred 10,000 ETH worth $23.44 million USD to the crypto exchange Binance within two days.
These sales have put significant pressure on the ETH price. At the time of analysis, the price stood at $2,354.64 USD – a decline of 5.46% within 24 hours.
Market Sentiment: Who is in Profit, Who is at a Loss?
Data from IntoTheBlock shows that 43.5% of Ethereum addresses are “in the money,” meaning they purchased ETH at a lower price than the current market value. These addresses are primarily in the range between $2,479.31 and $2,628.70 USD.
At the same time, 36.82% of addresses are “out of the money,” having bought ETH at prices between $2,479.31 and $3,024.48 USD. If prices continue to fall, these investors might sell more aggressively, adding further pressure to the market.
Key Support and Resistance Levels
Ethereum is currently trading near a critical support level at $2,347.21 USD. If this level does not hold, the price could drop to the next support level at $2,272.32 USD.
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However, there has been a slight rebound from the $2,347.21 USD mark, indicating that buyers are active at this level. On the upside, the $2,479.31 USD level represents a key resistance point. A breakout above this level could signal a trend reversal.
Network Activity Remains Stable
Despite the price declines, activity on the Ethereum network remains high. The number of active addresses increased by 1% in the last 24 hours to 21.28 million. The total number of transactions also rose by 0.96%.
These figures suggest that many investors are still engaged with Ethereum. Sustained high network activity could indicate that confidence in the cryptocurrency has not been entirely lost.
Our Assessment
Ethereum is currently under strong selling pressure, particularly from large investors. However, there are signs of potential stabilization. The support level at $2,347.21 USD has held so far, and network activity remains high.
Whether Ethereum can recover in the short term depends on whether buyers find the current price level attractive. If the resistance at $2,479.31 USD is broken, the market could stabilize. Otherwise, further price declines may follow.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2,277.40 |
| 24h % | -2.42 % |
| 7d % | -17.19 % |
| 30d % | -26.58 % |
| 60d % | -32.05 % |
| 1y % | -29.74 % |
| Market Cap | $274,611,951,936.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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