CandleFocus Ethereum Price Could Sink to $1,500, Here’s Why
2024-09-07
Author: Content Editor
Whales and institutions are selling off Ethereum (ETH) on Binance and Kraken, with over 63,538 ETH worth $141.7 million being dumped in the last 24 hours. This selling pressure could lead to a major price drop, with ETH potentially falling by 30% to the $1,500 level if it fails to hold its current support level of $2,130. However, there is a possibility of a trend reversal from a downtrend to an uptrend, as ETH's Relative Strength Index (RSI) has formed a bullish divergence. Currently, ETH is trading around the $2,285 level and has seen a 2% price drop in the last 24 hours, with higher trading volume indicating increased participation from traders amid the market sell-off.
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