Key Points
- Ethereum’s price has seen a nearly 8% decline in the last 24 hours.
- A prominent crypto whale sold their ETH holdings at a loss.
Ethereum investors have been grappling with a significant price drop last week. The price of Ethereum has been on a downward trend, and this may not be the bottom of the market according to recent analysis.
Ethereum’s Downward Trend
Data from CoinMarketCap shows that the price of Ethereum has been pushed down by more than 4% last week. The situation worsened in the last 24 hours with a nearly 8% price drop.
At the time of writing, Ethereum was trading at $2,481.07 with a market capitalization of over $298.4 billion. Despite the price decline, about 77 million Ethereum addresses remained profitable, accounting for 63.9% of all Ethereum addresses.
Recent analysis suggests that Ethereum’s price could drop even further. A popular crypto analyst, UNKNOWN TRADER, has highlighted a few “yellow” zones where they would consider buying Ethereum.
Market Sentiment and Selling Pressure
Data from Santiment reveals an increase in Ethereum’s supply on exchanges, indicating that more investors are selling. In addition, Ethereum’s exchange inflow has also spiked, further evidence of high selling pressure.
Lookonchain posted a tweet highlighting that a whale with a good track record sold 5,088 Ethereum, amounting to $13.58 million, at a loss of $3.66 million. This could potentially indicate a further drop in Ethereum’s price.
Data from Glassnode shows that Ethereum is already trading way below its possible market bottom, as indicated by the Pi Cycle Top indicator. This suggests that a bullish takeover could still be possible.
A look at Ethereum’s daily chart provides further insight into what to expect in the coming days. Although the Pi Cycle Top indicator shows Ethereum is under its market bottom, most technical indicators suggest a further price decline.
For instance, the Chaikin Money Flow (CMF) registered a downtick, and Ethereum’s Relative Strength Index (RSI) is also on a declining trend, indicating a continued price drop towards $2,311.
