Ethereum

bullish

Foundation

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-trigger-ethereum-price-drop-below-3300/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Trigger Ethereum Price Drop Below $3,300</a> 
Ethereum (ETH) has experienced a significant price decline of over 11% in the past 24 hours, dropping below $3,300. This sharp decrease has been fueled by substantial sales from both whales and the Ethereum Foundation. Analysts anticipate that the next support level could be around $2,800.
<h2 style="text-align: justify" id="strong-whale-selling-activity-strong">Whale Selling Activity</h2>
The dramatic fall in Ethereum’s price coincided with intense selling activity from whales. According to a report from <a href="https://en.coin-turk.com/blockchain-technology-a-beacon-of-hope-amidst-energy-crisis/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> analysis platform Lookonchain, one whale transferred a total of 31,968 ETH (worth $122.3 million) to <a href="https://en.coin-turk.com/binance-announces-support-for-bitcoin-cash-network-upgrade/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> over the past two days. Today, the same whale further added 22,746 ETH (valued at $77.7 million) to settle debts.
Additionally, another whale sent 49,910 ETH (approximately $170 million) to Binance within the last eight hours. Following this transfer, the whale withdrew $137.8 million in stablecoins, creating a negative sentiment across the market.
<h2 style="text-align: justify" id="strong-expectations-for-ethereum-strong">Expectations for Ethereum</h2>
Crypto analysts suggest that the next support level for Ethereum could be around $2,800. Popular analyst Caleb Franzen indicated that the price might form a new bottom at the $3,000 level, stating, “We are progressing within an inverted skull formation. We may see a serious support test at this level.”
On the other hand, Ethereum bulls express a more optimistic outlook. Analyst Ted Pillows noted that if ETH surpasses $4,100, it could reach all-time highs. Pillows remarked, “The $4K level is a new critical resistance point for Ethereum. We witnessed a similar scenario at $1,400 in the 2020-21 cycle.”
Finally, Ethereum options data indicates ongoing optimism in the market. According to data from Deribit, a total of 173,000 ETH options have expired, valued at $590 million. A put/call ratio of 0.5 suggests a continuing bullish sentiment in the market.
Currently, Ethereum’s price stands at $3,264, with its market cap falling below $400 billion. Analysts and market participants continue to closely monitor ETH’s critical levels in the near future.
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Whales Trigger Ethereum Price Drop Below $3,300

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