CandleFocus Are Ethereum Whales Driving the Recent 6% Drop in ETH?
2024-10-02
Author: Content Editor
The price of Ethereum has dropped by 6.20% in the past day, with a market cap decline of 5.18%. However, the 24-hour trading volume has increased by 46.66%. Recent market changes have been influenced by a whale known as "0xb8c" who transferred 21,490 ETH worth $55.2 million to Kraken. This whale has been gradually selling off their holdings and currently controls around 110,000 ETH. The rise in trading volume suggests increased market activity. Technically, Ethereum faces a support level of $2,480 and a resistance level of $2,800. The ETF market for Ethereum has seen significant outflows, with Grayscale's ETHE and Fidelity FETH experiencing the largest decreases. However, VanEck's ETHV and 21Shares' CETH saw some inflows. Overall, caution and risk aversion appear to be prevailing in the market. Continued monitoring of whale movements and ETF performance is important given the current market pressures.
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