Against the backdrop of recent bitcoin price hikes, Ethereum has been among the main underperformers in the market. The recent price drop raises questions about ETH's future.
Current Market State
Ethereum recently experienced a significant drop, reaching below $1,800, the lowest level since November 2023.
Analysts' Forecasts
Analyst Ali Martinez points out ETH breaking out of a years-long parallel channel, suggesting a price drop to $1,250.
ETH targets $1,250 after breaking out from this parallel channel!Ali Martinez
Actions of Major Holders
Despite the price drop, major investors continue to accumulate ETH. In recent days, they acquired over 420,000 ETH, which could reduce immediate selling pressure.
Whales have bought more than 420,000 ETH in the last five days!Ali Martinez
The situation around Ethereum remains tense. While major holders continue to invest, there's ongoing concern about a potential further decline.
