The post Ethereum Whales On The Move As Price Falls Below $4K, Will Prices Recover? appeared on BitcoinEthereumNews.com.

An Ethereum whale has withdrawn around $20 million worth of ETH. The referred transaction included 5,160 ETH moved from the Binance cryptocurrency exchange to a newly created wallet. Ethereum’s price, which is down to $3,871, is heading into a time of downturn. Analysts believe large-scale investors are making strategic shifts to move their money around in anticipation of the market’s volatility or the promised future gains. Market Reaction to Ethereum’s Price Drop Ethereum is now finding it hard to hold ground above the $4,000 market. As the broader market sentiments are currently driven by global economic uncertainties and investors’ behavior moving towards cryptocurrencies, the recent decline below this psychological barrier reflects the recent market sentiment. However, at the time of writing, this price drop has taken place at a time of significant market activity. An earlier whale transaction, and that raises questions about the ability of Ethereum’s liquidity and price stability to be impacted. Technical analysis shows a symmetrical triangle formation on the hourly chart of Ethereum. This is a period of consolidation (and sometimes a prediction of a large directional movement of price). – Advertisement – This is vital as it describes the tug of war between buyers and sellers. The price tugs towards a significant point when most likely to bust out and most likely to bust in. Support and resistance levels to watch for ETH price are $4,100 and $3,675. However, if the price can move up from the resistance, it could be an indication, bullish momentum will come back. This could see a move higher towards new price levels. The lack of any kind of support level also implies that a bearish trend might not prevail and prices could slide further. However, market sentiment likewise seems to be a combo of caution and opportunism. This huge…

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Filed under: News - @ December 15, 2024 4:55 am