Ethereum Price Drops Below $2,500: Is It Time to Buy The Dip
Key Insights: Ethereum price (ETH) has dropped by 10% in the last 24 hours, continuing its recent bearish trend in the market. The cryptocurrency is now trading below the key support level of $2,200, raising concerns among investors. The downward pressure signals increased selling activity as bearish sentiment seems to be gaining momentum. Whales Accumulate…
Secret Insights: Whale bought 26,255 ETH worth $60M amid $2,500 drop. Another bought 17,070 ETH for $39M post-crash, now holds $303 M. Over $99M in ETH accumulated while retail panic sold cheap. Ethereum price (ETH) has dropped by 10% in the last 24 hours, continuing its recent bearish trend in the market. The cryptocurrency is now trading below the key support level of $2,200, raising concerns among investors. The downward pressure signals increased selling activity as bearish sentiment seems to be gaining momentum.
Whales Accumulate $99M ETH Amid Market Panic. The whale activity in the crypto market has surged, as not one, but two significant Ethereum purchases were reported in the news in a matter of hours. It is also reported that a new wallet has just purchased 26,255.82 ETH worth 60 million dollars. These transactions were made within only 3 hours and were executed through Binance, one of the most significant global crypto exchanges. Blockchain data shows multiple transactions with an average of 2,200 ETH per transaction. When making the purchases, the ETH prices per transaction ranged between $2,278 and $2,320. Strategic acquisitions are under scrutiny by analysts when the prices fell, potentially after the recent market correction.
Meanwhile, another established whale made headlines for adding 17,070 ETH to their holdings. The purchase, worth roughly $39 million, was conducted following the market slump. This acquisition brought the whale’s total Ethereum stash to 132,536 ETH, now valued at over $303 million.
Ethereum Price Nears Critical Weekly Chart Breakout. One crypto analyst has pointed out a critical technical moment in the Ethereum price as it approaches a crucial decision point on the weekly chart. Over the past seven weeks, ETH has been stuck in the range between the 50 and 200-week moving averages, indicating trader confusion. This narrow trading range is typically followed by a significant move, and now with the price action, we see ETH preparing to break below support.
Melker highlighted that the weekly close will serve as a key indicator of the next trend of ETH. Traders and investors are now placing importance on the weekly close, which may determine the trajectory of ETH in the coming weeks.
Will ETH Price Recover Soon? The ETH price traded at $2,194 at press time, attempting to rebound after falling within a defined descending channel. Over the past few sessions, Ethereum has respected the channel’s upper and lower bounds, indicating strong short-term bearish pressure.
