Ethereum’s price is struggling, trading below $1,900 and showing signs of a continued downturn. Since late February, it’s dropped over 35%, and things don’t look good.
Whale Watching: A Massive Sell-Off
The situation is made worse by some big players – whales – dumping a huge amount of Ethereum. Data shows whales sold off around 760,000 ETH in just two weeks! This kind of massive selling usually signals a lack of confidence and often triggers more selling from smaller investors.
Market Uncertainty and the Ethereum Dip
The overall market isn’t helping either. Global uncertainty, interest rate worries, and unpredictable economic policies are all contributing to the negativity. High-risk assets like Ethereum are feeling the pinch the most.
While some remain optimistic about a potential Ethereum recovery, that optimism is fading fast due to the poor price action and the whale sell-off. One analyst even pointed out the massive 760,000 ETH sale by whales on X (formerly Twitter), further highlighting the bearish sentiment.
Ethereum’s Price Struggle: Can Bulls Turn Things Around?
Currently, Ethereum is hanging around $1,880, stuck between $2,000 (resistance) and $1,750 (support). Bulls (those betting on price increases) have repeatedly tried to push the price above $2,000-$2,200, a key level indicating strength, but haven’t succeeded.
If Ethereum can’t hold above $1,900 and break back above $2,000 convincingly, a sharp drop towards the $1,700s or even lower is likely. With the current market uncertainty, a quick turnaround is needed. Bulls need to act fast to regain control and prevent a further slide. Otherwise, the downward trend might continue.
