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Ethereum Sees Slight Drop But Whales Show No Signs Of Selling – Details
- Ethereum (ETH) has experienced a 13.6% drop due to geopolitical tensions in the Middle East, with a current price in the mid $2,200 range.
- Despite this drop, Ethereum whales are showing confidence in the digital asset's long-term recovery and are not selling off their holdings.
- Past data indicated that spikes in ETH withdrawals from wallets led to price pullbacks, but current data shows no such spikes, indicating low exit activity among whales.
- Crypto analyst Ted Pillows noted that whales holding 10,000 ETH or more added over $265 million worth of ETH during the recent market pullback.
- If Ethereum fails to surpass the $2,350 resistance level soon, it could retest the $2,100 support, potentially falling further towards $1,800.
- Some analysts suggest a bullish outlook with comparisons to the accumulation phase and a potential for Ethereum to reach five-figure prices in the long term.
- However, other market experts warn of possible downtrend movement for Ethereum, with predictions of a significant drop to $900 by some analysts.
- At present, ETH trades at $2,233, showing a 2.4% increase in the last 24 hours.
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