Whales have caused a significant selling pressure in the Ethereum market, with over 440,000 ETH being sold in the past week. This has led to a shift in market dynamics, as large wallets have been offloading their holdings. Recent reports have highlighted that one wallet sold 8,074 ETH at an average price of $2,431, while another transferred 10,000 ETH worth $23.44 million to Binance in just two days.
As a result of this selling pressure, Ethereum’s price has dropped by 5.46% to $2,354.64 at the time of writing. This has raised concerns among investors, but some believe that Ethereum may find support at the current levels.
Analyzing the market sentiment through Ethereum’s in/out-of-the-money data, it is observed that 43.5% of addresses are “in the money,” with a concentration between the $2,479.31 and $2,628.70 price levels. However, a significant 36.82% of addresses are “out of the money,” particularly those with ETH purchased between $2,479.31 and $3,024.48. This indicates that a large portion of investors are holding at a loss, which could potentially increase selling pressure if the price continues to decline.
In terms of price action, Ethereum is currently hovering near critical support at $2,347.21. If this level fails to hold, the next major support is at $2,272.32. However, the recent bounce off the $2,347.21 zone suggests that the support may still be intact. In the short term, ETH may encounter resistance at the $2,479.31 level, with a potential reversal if it breaks above this price point.
Despite the price drop, Ethereum’s network activity remains consistent, with a 1% increase in active addresses in the past 24 hours. The total number of transactions has also risen by 0.96%, indicating that investors are still engaged with Ethereum. This activity suggests that Ethereum’s fundamentals are strong, and the market could potentially rebound if confidence returns.
Overall, Ethereum is likely to bounce back from the support zone at $2,347.21, given the current market dynamics and recent price action. The selling pressure may have been exacerbated by the recent Bybit hack, where $1.4 billion worth of ETH was affected, causing some panic in the market. Despite these challenges, Ethereum’s fundamentals remain strong, and the market participation levels indicate that retail investors are still active in the market. The Importance of Mental Health in Our Daily Lives
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