Recent Ethereum (ETH) sales by large holders have led to significant price declines, causing investors to worry about further market deterioration.
Whale Sell-Offs and Market Impacts
Recent Ethereum activity on the Binance platform by whales has led to dramatic market changes. One large holder transferred 31,968 ETH worth $122.3 million over the past two days. Another whale made a large stake of 49,910 ETH or $170 million within eight hours. These actions are connected to forced liquidations and debt repayments on Aave and Spark platforms. Additionally, the Ethereum Foundation drew attention with its sale of 100 ETH from reserves. Resultantly, ETH prices dropped 13%, falling below $3,300, with liquidations totaling $226 million within the last 24 hours.
Outflows from Funds and Renewed Bearish Sentiments
Current market conditions also affected Ethereum funds. Investors pulled out $60 million from spot funds, including $58 million from Grayscale's ETHE. This signals reduced investor confidence after several days of inflows. Key indicators like MACD and Bull-Bear Power (BBP) indicate bearish sentiments, clearly reflected in market trends.
Experts' Predictions: Possible Support Levels
Analysts believe that ETH price might reach $2,800 before finding a stable support level. Forecasts suggest a potential price rebound from this line. Despite uncertain market conditions, ETH options data show bullish sentiment among some traders, with a Put/Call ratio of 0.5.
Current market circumstances suggest continued bearish sentiment. However, the potential for price recovery is still a topic of discussion among experts.
