Ethereum (ETH) has been struggling lately. After a wild couple of weeks with prices bouncing all over the place, it’s been stuck below $2,300. It’s lost over 40% of its value since the start of February, mirroring a broader market slump and some negative vibes around the crypto.
Big Holders Are Selling
Things are looking a bit concerning for ETH. Data shows a big drop in the number of addresses holding over 10,000 ETH. We’ve gone from almost 1000 to just under 920 in a short time. This means big investors (whales) are selling off, likely because they’re worried about the market.
What the Whales Are Doing
This whale selling is a pretty bearish sign. It suggests even big players aren’t confident, which can make other investors nervous. It’s a classic sign of uncertainty in the market.
A Potential Turning Point?
Despite the selling, ETH has held onto a key support level around $2,200. This could be a sign that a rebound is possible. If it can stay above this level, we might see a price increase in the coming weeks.
The Next Few Weeks: Crucial for Ethereum
The next few weeks are make-or-break time for ETH. If buyers can regain control, we might see another push towards $2,500 or higher. But if it can’t hold the current levels, we could see prices drop even further.
Key Price Levels to Watch
Right now, ETH is trading around $2,300, stuck in a bit of a holding pattern. To see a real recovery, it needs to break above $2,500-$2,600. If it can’t hold the $2,200 support level, we could see it fall below $2,000. Until then, expect more price swings and uncertainty.
