The price of Ethereum had trouble recovering, oscillating around the $ 1,700 brand in the past few days. Despite the attempts to break higher, ETH failed to take on an important dynamic.
This lack of progress in the price movement has caused large -scale sales of Ethereum whales, aggravating the lowering feeling.
Ethereum whales move to sell
Over the past three days, addresses between 100,000 and 1 million ethmates have aggressively sold approximately 1.19 million ETH, worth more than $ 1.8 billion. The decision of these whales to unload significant quantities of Ethereum highlights a change in market feeling, because they are probably intended to compensate for the potential losses of the recovery in standby.
With Ethereum, which cannot gain momentum above the $ 1,700 mark, these major holders seem to capitalize on current price levels, which has lowered the market. The sale by these whales deals indicates a lack of confidence in the short -term price movement of Ethereum.
Ethereum’s global macro impetus seems low, as indicated by the long / short difference deeply negative MVRV of -29%. This indicator shows that long -term holders (LTH) find it difficult to maintain profitability. The STHs generally sell quickly after having made a profit, which adds to volatility and downward pressure on the price of Ethereum.
With STHS dominating the benefits, Ethereum is more and more likely to drop. As more short -term investors sell their assets, it is likely that Ethereum will face downward pressure, especially if there are no significant catalysts to increase the price.
Eth Price holds more than $ 1,500
Ethereum’s price is currently at $ 1,570, which has failed to break the resistance of $ 1,700. Altcoin is above the crucial level of support of $ 1,533. But given the wider market clues, other drops are possible if the lowering feeling continues.
Ethereum could face significant resistance in the recovery of the momentum upwards. Without the larger market support or positive news, a decrease less than $ 1,533 could extend the downward trend of the ETH. If Ethereum does not maintain this support, it can fall to $ 1,429, marking an extension of the losses in progress.
However, the recovery of $ 1,625 as a support would point out the potential of another attempt to cross $ 1,700. If Ethereum successfully crosses this level, it could push around $ 1,745, invalidating the lowering perspectives and preparing the field for a reversal.
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