Whales Trigger Ethereum Price Drop Below $3,300

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.

Whale Selling Activity

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.

Expectations for Ethereum

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.