The crypto market has been a wild ride lately, and Ethereum (ETH) is no exception. Despite being the second-largest cryptocurrency, ETH has been struggling.
Whales Dumping ETH
Big investors, known as “whales” who own over 10,000 ETH, have been selling off their tokens for the past month. This mass exodus has pushed ETH’s price down by 26% in the last 30 days. This means ETH is performing worse than many other cryptocurrencies.
Bearish Signals
The selling pressure from whales has kept ETH stuck in a narrow price range for the past seven months. Technical indicators, like the TD Sequential, are flashing red, suggesting that ETH might continue its downward trend.
Analysts are watching a key support level between $2,300 and $2,380. If ETH breaks below this level, it could see another sharp drop like the one earlier this month, when the price plummeted to $2,100.
A Glimpse of Hope?
While the news might seem bleak, there’s a glimmer of hope. The amount of ETH held on cryptocurrency exchanges has dropped below 10% for the first time. This means investors are moving their ETH off exchanges, which could indicate they’re holding it for the long term.
What’s Next for ETH?
It’s still unclear what the future holds for ETH. Will the bulls or bears win out? Only time will tell. For now, ETH is trading at $2,580.
