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Ethereum’s latest price plunge has caught the eye of investors, with whale activity indicating a possible rebound amid ongoing bearish sentiment.
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Despite an 8.99% drop in the past 24 hours, whales have seized the opportunity, accumulating over 110,000 ETH as market dynamics shift.
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“Ethereum’s exchange netflows have remained positive, signaling strong selling pressure as traders react to the market’s turbulence,” stated a COINOTAG source.
This article discusses Ethereum’s recent price decline, whale buying behavior, and market sentiment, highlighting the potential for a price rebound amid bearish trends.
Ethereum Bears Overwhelm Whales
Over the last 24 hours, Ethereum’s [ETH] price has significantly declined to a yearly low of $2,073. Although there was a brief recovery after this drop, it did little to halt the prevailing bearish trend. Currently, ETH is trading at $2,143, reflecting an **8.99% decline** over the day. The token has also lost more than 23.18% in the last week and 31.34% over the past month.
Source: X
This drastic decline shows that Ethereum has been undergoing **strong selling pressure**, with sellers firmly in control of the market. However, the dip has also created buying opportunities, particularly for **whales**, as they purchased over **110,000 ETH** tokens during the last 72 hours.
Despite this substantial accumulation, the prevailing bearish momentum has negated the positive impact of whale buying, suggesting that **bears maintain overwhelming control** of the market.
Source: Cryptoquant
The persistent positive netflows observed in Ethereum’s exchanges indicate a **market skewed towards selling**, a clear sign of sustained bearish sentiment.
When netflows are predominantly positive, it reveals an influx of funds into exchanges, highlighting a **sell-off trend**. This suggests that the market sentiment is unfavorable for ETH holders, with continuous selling dominating buying.
Source: Cryptoquant
Further validating this analysis, the Taker’s buy-sell ratio has consistently remained below **1** over recent days, indicating that more **sell orders** are being filled as compared to **buy orders**. This overwhelming negative flow places ETH at a precarious position that could lead to further losses.
Is ETH Set for Further Decline?
Recent analyses suggest that Ethereum is under heightened downward pressure amid prevailing bearish sentiment in the market.
For instance, Ethereum has experienced a **bearish crossover** on the MACD indicator within the last 24 hours, suggesting a **strengthening downward momentum**. Furthermore, allegations of a potential **death cross** emergence could forewarn a significant downturn, potentially exceeding **20%**, consistent with prior market cycles.
Source: Tradingview
Historically, during a similar crossover, ETH’s price fell sharply from **$2.8k** to a low of **$2.1k** after experiencing a death cross. If this pattern repeats itself, we could witness ETH dropping to around **$1,714**. Conversely, a resurgence of buying interest could allow Ethereum to reclaim the **$2,340** mark, but any forthcoming movement remains heavily contingent on the current downtrend.
Conclusion
In summary, while Ethereum whales are actively buying the dip, the overwhelming selling pressure indicates a challenging landscape for the cryptocurrency. The potential for further declines remains significant. Investors are advised to monitor market conditions closely as they unfold, particularly in light of technical indicators suggesting a continued downtrend which may lead to a **test of the $2,000** support level.
