Can Ethereum (ETH) Recover After the Recent Market Slump?
thenewscrypto.com 16 September 2024 08:59, UTC - Ethereum’s price has dropped by 5.53%, now trading at $2,285.68.
- A whale purchased 5,615 ETH, totaling $12.77 million, at an average price of $2,274.
Ethereum (ETH) is currently trading at $2,285, marking a 5.53% decrease in the last 24 hours. Its market cap has dropped to $275 billion, while trading volume has surged by 80.74%, reaching $13.63 billion. The decline in Ethereum’s price reflects broader market uncertainty, contributing to a sharp downturn in investor sentiment. Over the past 24 hours, Ethereum has experienced significant downward pressure, reflected in its growing trading volume.
A major whale has entered the market amid this volatility. The on-chain analyst reported that an Ethereum whale, known for swing trading, has acquired 5,615 ETH worth $12.77 million. The whale, whose address starts with 0xe0B5, made its seventh major trade, buying at an average price of $2,274. This large purchase signals that some traders may view Ethereum’s current price as an opportunity, despite its ongoing decline. Whale activity like this often hints at market positioning, but its impact on price is still uncertain.
At the same time, the ETH/BTC rate has dropped to levels unseen since April 2021. According to Wu Blockchain, the ETH/BTC pair briefly touched 0.03985 on Binance, its lowest rate in over three years. This decrease in Ethereum’s relative strength against Bitcoin may concern investors. The pair once peaked at 0.1238 in January 2018 but is now trending closer to its all-time low of 0.01615. Additionally, 13,977 ETH (around $32.78 million) has been transferred to Coinbase, raising speculation about potential selling pressure in the coming days.
Ethereum (ETH) Technical Indicators
From a technical perspective, Ethereum shows mixed signals. The Relative Strength Index (RSI), currently at 43.56, suggests that Ethereum is nearing oversold levels but still has room for further decline. Immediate support sits at $2,275, with resistance around $2,300.
If Ethereum breaks below $2,275, the next support could be around $2,250. On the other hand, a move above $2,300 could push the price toward $2,325. Market participants watch these levels closely as the next move could define short-term trends. With whale activity increasing and technical indicators nearing critical points, Ethereum’s market remains uncertain.
