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Ethereum crypto is currently at a turning point. Its price flirts with decisive support at $2,300. But not only that! The selling of ETH whales also continues to support bearish pressure. So what is the future of the second largest crypto blockchain in the world?
Ethereum on the brink of a major turning point: will $2,300 support hold?
According to crypto analyst Ali Martinez, the price of Ethereum is dangerously close to the $2,300 level. This is a key support identified by several other cryptography experts. According to Martinez, this boundary is crucial for ETH’s short-term survival.
“If the price of Ethereum falls below $2,300, we could see a massive 30% correction that would push ETH to $1,600. »
This warning it is based on 2.77 million addresses that collectively hold 52.65 million ETH around this price level. Then two scenarios can occur:
- If the bulls do not defend this zone, it may mark the beginning of an even more pronounced bearish phase.
- Conversely, if the support holds, Ethereum could bounce back and reach $6,000 in the medium term.
The whale sell-off is weighing heavily on the price of Ethereum
The price of Ethereum is also affected by the ongoing sales of whales. In the last 15 days, for example, a historic whale from the ICO era 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, transfer 5000 ETH it was also done on a crypto exchange. Which highlights the downward pressure on the market.
Analysts believe that the continued selling of ETH whales is weakening the bulls’ ability to hold the key 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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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago. But it’s the universe that interests me a lot. And the topics covered within the platform allow me to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
