The analysis of Ethereum (ETH) prices shows significant fluctuations in the market, with a drop following a recent rise. This article examines the key factors influencing the current situation.
Price Drop for Ethereum
Ethereum's price traded around $4,232, down 0.4% compared to the previous day. Over the week, ETH lost 9%, while showing an 11% gain over the month. Analysts believe that this pullback reflects increased selling pressure as major investors started taking profits.
Pressure from Major Investors
Data from Lookonchain indicates that an experienced trader closed long positions worth about $303 million, contributing to increased bearish pressure on Ethereum's price. Another large trader sold 2,277 ETH valued at approximately $9.6 million. These actions have undoubtedly impacted the current market conditions.
Outlook for Ethereum Prices in Coming Weeks
Analysts emphasize that the $4,000 level is pivotal for further market developments. If support holds at this level, there is potential for a recovery back toward $5,000, but a break below could signal a more significant downturn. Current indicators show weak buying conditions, and market participants anticipate further tests at the $4,000 level.
Thus, the price dynamics of Ethereum remain under pressure given the actions of major investors. The $4,000 level is becoming a critical marker that will determine the market's future direction.
