Ethereum (ETH) price decreased by 15 percent in the last 24 hours to $ 2,118. A total of 608 million dollars of ETH liquidation took place due to large -scale market sales. So, will Ethereum continue to decline or will the whale purchases withdraw the price again?
Ethereum broke critical support levels
In the last three days, Ethereum has created a decrease candles and has decreased from 24 percent of the highest level of $ 3,437. This decline caused significant support levels to break. In particular, the daily graph is that the price is based on the lower limit of the Bollinger band and the DMI indicator gives a sales signal. The rise momentum on the ADX line shows that sales pressure is strengthened.
Ethereum is expected to find strong support at $ 2,396 in this fall trend. However, a recovery from this level can pave the way for a V-shape that can re-test $ 2,900.
Whales sell ETH, new buyers go down to the field
The decline of Ethereum led to the mobilization of major investors. Two Ethereum whales, who have been asleep for six years, transferred 135,548 ETH to the stock market just before the price collapse. These investors bought ETH in 2019 for only $ 153. They made a profit of $ 378 million by selling at existing prices and increased the sales pressure of investors.
However, new whales began to buy a large amount of ETH, taking advantage of falling prices. An investor known as “seven brothers” spent 111 million dollars and acquired 45,047 ETH. This purchase shows that Ethereum is supported by large investors at the bottom levels.
Ethereum Futures Futures are collapsing!
Ethereum futures market also experienced harsh decreases. The amount of open position decreased by 25 percent and decreased to $ 23.76 billion and the Long-Short ratio fell to 0.9029.
This shows that investors are transferred to the sales side and the market is mainly under the control of bears. The funding rate decreases to 0.0033%, indicating that sales pressure continues.
Can Ethereum return to $ 2,900?
Ethereum is expected to test $ 2,396, the key support level. If there is a strong purchase response at this level, a rapid recovery may be experienced towards $ 2,900.
However, whales should continue to make purchases and general market sensitivity needs to improve. If the sales pressure continues, Ethereum may be exposed to deeper corrections. Investors should closely monitor market movements in the coming days.
