Current trends in the Ethereum market indicate potential price declines following significant sales from large holders.
Technical Analysis and Targets
The two-week chart for Ethereum (ETH) indicates a drop below a key support level that has held since mid-2022. Recent price fluctuations suggest a potential drop to $1,600, representing a 25% decrease from current levels.
Wallet Data and Sell Waves
Onchain data reveals that two large wallets withdrew 95,920 ETH, worth about $237 million, in early June. Of this, 62,289 ETH has already been transferred to exchanges, intensifying bearish sentiment in the market. This suggests the potential sale of the remaining 33,631 ETH.
Overall Overview and Analyst Opinions
Despite prevailing bearish sentiment, some analysts believe in the potential for ETH price recovery in the long term. Analyst Agela noted that a breakout above the RSI resistance could serve as a catalyst for price appreciation, although this remains a matter of timing.
The current assessment of the Ethereum market reflects a combination of bearish pressures and potential recovery. However, short-term prospects remain uncertain.
