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Ethereum (ETH) may fall below $3,000 as whales start to retreat
Ethereum is currently facing downward pressure, and its price may fall below $3000. With the overall cryptocurrency market prices stagnating, the current decline in ETH's price is due to reduced activity from its major investors.
This analysis explains the reasons for the price decline and emphasizes the price points ETH holders should pay attention to.
Ethereum faces selling pressure, whale net flow decreases
In the past seven days, the net flow of ETH from large holders, defined as whale addresses holding more than 0.1% of the circulating supply, has decreased by 73.19%.
When the asset experiences a decrease in whale net flow, it indicates that major investors have reduced their positions by selling or transferring assets. This usually means a lack of confidence in the short-term prospects of the asset, and as these holders transfer funds elsewhere, it may lead to downward price pressure.
In addition to the accumulation of whale declines, the Taker-Buy-Sell ratio of Ethereum in the past seven days has mostly remained below one, indicating selling behavior among derivative traders.
The eating order-to-buying ratio of assets measures the ratio of market buyers executing buy orders to sell orders. A ratio of less than one indicates that sell orders exceed buy orders, indicating a bearish trend. This indicates that selling pressure exceeds buying interest, and as more traders close their positions, it may lead to a price decline.
ETH price prediction: in the hands of whales
On the daily chart, the moving average convergence/divergence indicator for ETH has confirmed the decline in demand for leading tokens.
This indicator helps traders identify changes in the strength, direction, and duration of trends. Like ETH, if the MACD line is below the signal line, it indicates a downward trend. If selling pressure intensifies further, the price of ETH may fall below the $3070 support level and decline to $2558. On the other hand, if market sentiment improves and large ETH holders continue to accumulate, they may push the coin price up to $3415.