The post Ethereum plunges below $2,500: Is the price bottom yet to come? appeared on BitcoinEthereumNews.com.

Ethereum’s price declined by nearly 8% in the last 24 hours alone.  A whale with a good track record sold ETH at a loss.  Ethereum [ETH] investors were having a tough time as the king of altcoins’ price dropped drastically last week. While several might expect this to be ETH’s market bottom, that might not be the case as per a recent analysis. Let’s see what’s happening with ETH.  Ethereum bears take control CoinMarketCap’s data revealed that Ethereum bears pushed the token’s price down by more than 4% last week. Things got worse in the last 24 hours as the token witnessed a nearly 8% price plummet. At the time of writing, ETH was trading at $2,481.07 with a market capitalization of over $298.4 billion. After the price decline, about 77 million ETH addresses remained profitable, which accounted for 63.9% of all ETH addresses.  Source: IntoTheBlock While the latest price drop already looked concerning, a latest analysis suggested that there were chances of Ethereum going down further. UNKNOWN TRADER, a popular crypto analyst, recently posted a tweet highlighting a few “yellow” zones. The tweet mentioned that the analyst would consider buying ETH once the token’s price enters those yellow zones, like $2,172-$2,085.  Source: X Therefore, AMBCrypto planned to check the overall market sentiment around ETH to find out whether investors were waiting for a further drop or did they start buying the dip.  Are investors selling ETH? AMBCrypto’s analysis of Santiment’s data revealed that ETH’s supply on exchanges was rising. A hike in the metric indicates that investors are selling more. Additionally, Ethereum’s exchange inflow also spiked, further proving the fact that selling pressure was high. Source: Santiment Lookonchain recently posted a tweet highlighting an interesting development. A whale with a good track record, sold 5,088 ETH, $13.58 million, at…

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Filed under: News - @ August 28, 2024 12:24 pm