Altcoins News
By MikeT
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Dormant Whale Reemerges. The move by the dormant whale is significant as it coincided with Ethereum's steep drop to $1,760,…
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Market Conditions and Bearish Sentiment. In addition to the whale's activities, the broader market downturn has also contributed to…
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Key Support Zone and Potential Risk of Capitulation. Ethereum’s price has now fallen below its realized price for the first time in two years.
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Immediate Support Level. Looking at Ethereum’s price action, immediate support is expected around the $1,592 level.
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Ethereum (ETH) has recently experienced a sharp drop, falling below the $2,000 mark for the first time in two years.
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Ethereum’s recent drop has erased around $46 billion in market value over the course of a week. At present, ETH stands at $1,917, which represents a 10.64% weekly decline.
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Currently, Ethereum’s market shows signs of struggling to regain momentum. The drop in ETH price has come during a time when broader risk assets are facing turmoil.
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Another concerning factor is the 180-day dormant circulation spike, which reflects a significant increase in long-term holders selling off their ETH.
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Ethereum’s price has now fallen below its realized price for the first time in two years. The realized price is the average price at which all ETH was last moved on the network.
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Historically, when Ethereum has dipped below its realized price, it has often been seen as a capitulation zone, where many holders are forced to sell their positions.
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Looking at Ethereum’s price action, immediate support is expected around the $1,592 level. If this support fails to hold, it could trigger more losses, potentially pushing ETH…
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In conclusion, while Ethereum's price has shown signs of potential recovery in the past, the market conditions are currently unfavorable, with whales potentially driving further…
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