Ethereum recently experienced a significant price drop of 12% over a few weeks, reaching a low of $2,312. The cryptocurrency slightly recovered by 5%, rising to $2,438. This movement occurred following significant sell-offs by large investors known as 'whales'.

How Much ETH Did the Whale Sell?

Data from blockchain analytics firm LookOnChain reveals that an anonymous whale sold approximately 6,000 ETH, valued at around $14.11 million. Remarkably, this whale still possesses 99,500 ETH, equivalent to $238 million based on current values. Such high-volume sales have intensified fears among traders regarding potential price corrections.

What Levels Support Ethereum’s Price?

Ethereum's recent price drop has placed it within a vital support range of $2,440 and $2,252. A close above $2,340, the midpoint of this range, could signify stability and pave the way for a possible rebound. Analysts indicate that breaching the resistance level at $2,564 might lead to a surge toward $3,000 or even $3,500.

Market and Future of Ethereum

As fluctuations in Ethereum's price continue, the overall market reflects a cautious atmosphere. Recent dynamics, including increased supply and large sell-offs, underscore the necessity for traders to remain vigilant when making investment choices.

The analysis suggests that despite recent losses, Ethereum retains potential for recovery. Crucial support levels and the possibility of growth on breaking resistance may play a key role in the future dynamics of the cryptocurrency.