Recent news about the Ethereum market indicates possible exhaustion and massive sell-offs prompted by actions of large investors.
Massive Ethereum Whale Sales
On-chain analysis revealed that the sell volume for Ethereum hit a staggering $418.8 million. This occurred as sellers outpaced buyers by a significant margin of 115,400 tokens in a single day. Major investors, known as whales, started liquidating their assets, leading to considerable downward pressure on the price.
Technical Situation and Support Levels
The current price of ETH has been hovering near $3,626, failing to hold above the $3,700 mark following a strong rally in July. Indicators show that the current RSI values are decreasing and the MACD level confirms a weakening bullish sentiment. It's essential to monitor support and resistance levels to assess future market movements.
Ethereum's Outlook and Predictions
Despite the bearish signals, some analysts remain optimistic. One well-known analyst stated that if ETH breaks $4,000, a new rally could begin. However, it's crucial to protect current levels to prevent further price declines.
The situation in the Ethereum market requires careful analysis. The significant sell-offs and instability of levels make forecasts difficult. Investors must weigh risks and opportunities in the coming days.
