Ethereum (ETH) is facing the decisive level at $2,300 after testing the significant support area. Crypto analyst Ali suggested that if the bulls manage to defend this level, they can propel the price to $6,000. But if this support is removed, a 30% price drop to $1,600 might occur.
Crypto analyst points to this level of $2,300 as crucial, where 52.65 million of ETH were bought by approximately 2.77 million addresses. This is viewed as Ethereum’s most grounded fundamental. If it holds at this level, investors may be able to see a massive price bounce back. However, the whale sell-off that continues to persist causes fears over Ethereum’s price stability. At the time of writing, Ethereum was priced at $2,426 with a market capitalization of $292 billion, down by 1.2%.
Whale Selling and Market Sentiment
A primary cause of Ethereum’s price decline is the selling pressure that comes from these big Ether holders commonly referred to as ‘whales’. According to the data obtained from Spot On Chain, an Ethereum ICO whale has been moving a significant amount of ETH to Kraken exchange. This particular whale has transferred 45,000 ETH in the last 15 days which is equal to $113.3 million. The average price for these was approximately $2,517. Despite this substantial sell-off, the whale still holds 94,450 ETH, worth about $230 million.