Ethereum At A Crossroads: An Imminent 30% Crash

Ethereum crypto is currently at a decisive turning point. Its price is flirting with a crucial support at $2,300. But that’s not all! The sales of ETH whales also continue to fuel the bearish pressure. What does the future hold for the world’s second-largest crypto blockchain?

The Ethereum whale, who received 150K $ETH during ICO, deposited another 5K $ETH ($12.2M) to Kraken just 4 hours ago.

In total, this whale has deposited 45K $ETH ($113.3M) to #Kraken over the past 15 days at an average price of $2,517, leaving 94,450 $ETH ($230M) remaining.… https://t.co/2BLcWey4Kx pic.twitter.com/TnlbdrGV3d

— Spot On Chain (@spotonchain) October 8, 2024

Ethereum on the edge of a crucial turning point: can the support at $2,300 hold?

According to crypto analyst Ali Martinez, the Ethereum price is dangerously approaching the $2,300 level. This is a key support identified by several other cryptography experts. According to Martinez, this threshold is crucial for the short-term survival of ETH.

“If the price of Ethereum falls below $2,300, we could see a massive 30% correction, bringing ETH down to $1,600.”

This warning is based on the fact that 2.77 million addresses collectively hold 52.65 million ETH around this price level. Two scenarios may unfold:

• If the bulls fail to defend this area, it could mark the start of an even more pronounced bearish phase.
• If, on the other hand, the support holds, Ethereum could bounce back and reach a price of $6,000 in the medium term.

Massive whale sales heavily weigh on Ethereum’s price

The price of Ethereum is also affected by the continuous sales of whales. For example, over the last 15 days, a historical whale from the ICO era has deposited 45,000 ETH on Kraken. This represents around $113.3 million. According to Spotonchain data, this whale initially received 150,000 ETH during Ethereum’s ICO.

Recently, a transfer of 5,000 ETH was also made to a crypto exchange. This increases the bearish pressure on the market.

Analysts estimate that the continuous sale of ETH whales weakens the bulls’ ability to maintain the crucial support at $2,300. This constant pressure could accelerate Ethereum’s fall, especially if market sentiment does not change quickly.

The future of Ethereum thus remains uncertain. Crypto investors will need to be attentive to market movements in the coming days.