CandleFocus

Can Ethereum Reverse its Course After Recent Price Decline?

Author: Content Editor
The price of Ethereum has dropped by 1.90% in the past 24 hours, reaching $2,598. However, trading volumes have surged by 30.23% to $13.31 billion. There are concerns among investors due to the drop in Ethereum's market capitalization by 1.49%, now at $316 billion, and the steady circulating supply of 120.37 million ETH, which could lead to further corrections. Several large-scale whale transactions, including a transfer of 43,331 ETH worth over $113 million to Coinbase Institutional, raise questions about potential liquidations or repositioning by institutional players that could contribute to Ethereum's current downtrend. Other major transfers to Coinbase and Binance also add downward pressure. A notable transfer of 9,534 ETH from Wintermute to an unknown wallet suggests behind-the-scenes market maneuvers. Technical indicators suggest potential further challenges as Ethereum approaches support levels, although it is oversold and a reversal may occur soon. Investors should be cautious as oversold conditions can persist. The Ethereum Foundation has also sold ETH, which could impact market supply and price stability.

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