The Ethereum crypto is currently at a turning point. Its price is flirting with crucial support at $2,300. But not only that! Sales of ETH whales also continue to fuel the bearish pressure. So what does the future hold for the world's second largest crypto blockchain?
Ethereum on the verge of a crucial turning point: can the support at $2,300 hold?
According to crypto analyst Ali Martinez, the price of Ethereum is getting dangerously close to the $2,300 level. This is a key support identified by several other cryptography experts. According to Martinez, this threshold is crucial for the short-term survival of ETH.
“If Ethereum price falls below $2,300, we could see a massive 30% correction, driving ETH towards $1,600. »
This warning is based on 2.77 million addresses collectively holding 52.65 million ETH around this price level. Two scenarios can then arise:
- If the bulls fail to defend this zone, it could mark the start of an even more pronounced bearish phase.
- If, on the other hand, the support holds, Ethereum could rebound, reaching a price of $6,000 in the medium term.
Whale sell-off weighs heavily on Ethereum price
The price of Ethereum is also affected by continued whale sales. Over the last 15 days for example, a historic whale from the ICO era has deposited 45,000 ETH on Kraken. That’s about $113.3 million. According to Spotonchain data, this whale initially received 150,000 ETH during the Ethereum ICO.
Recently, a transfer of 5,000 ETH was also made to a crypto exchange. Which accentuates the downward pressure on the market.
Analysts believe that the continued selling of ETH whales weakens the bulls' ability to hold the crucial support at $2,300. This constant pressure could well accelerate the fall of Ethereumespecially if market sentiment does not change quickly.
The future of Ethereum therefore remains uncertain. Crypto investors will need to pay attention to market movements in the coming days.
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