- Ethereum’s value has dropped due to macroeconomic instability and ETF holdups.
- Ethereum whales invested $425 million to acquire 260,000 ETH in 24 hours.
- Ethereum’s market capitalization has dipped below $200 billion due to depreciation.
The value of Ethereum
On-chain data reveals that high-net-worth individuals, often called ‘whales’ in the crypto industry, have been notably active amidst the current significant market downturn. Esteemed crypto analyst Ali Martinez recently reported that Ethereum whales invested a staggering $425 million to acquire 260,000 ETH within 24 hours. This substantial activity follows a significant ETH whale transaction reported just a day prior. On Monday, a transfer of 300,000 ether was executed between two whale accounts on the Coinbase platform.
Is a continued decrease probable?
Despite the recent downturn in Ethereum’s value over the past week, the digital currency is currently hovering around the $1630 price point. Data from CoinMarketCap indicates that the market capitalization of ETH has dipped below the $200 billion threshold due to the price depreciation experienced in the past week.
ETH experienced a significant drop to $1612 yesterday, but bullish investors swiftly outpaced bearish ones, injecting a glimmer of hope into the market. ETH has been under intense selling pressure recently, yet the $1600 mark continues to serve as a crucial support level. Over the past few weeks, Ethereum’s price has consistently rebounded from its support trendline, thwarting attempts by sellers to trigger a substantial decline.
The price of Ethereum (ETH) has been exhibiting a narrow trading range, oscillating between $1600 and $1645. Numerous industry observers evaluating the current Ethereum market conditions speculate that a potential downturn could intensify if the price dips below the $1600 threshold.
Should the price successfully breach the $1600 support level, it will probably retest the $1100 threshold. Conversely, if it decisively surpasses the $1643 mark, it will likely challenge the subsequent resistance level at $1700.
