CandleFocus Ethereum Rally Stalls Due to 2-Month High-Profit Taking
2024-10-27
Author: Content Editor
The price of Ethereum (ETH) has seen a 10% decline and struggles to establish $2,700 as a support level. Despite this, the altcoin has managed to stay above the uptrend line due to strategic whale activity. Recent profit-taking indicates that ETH holders are cashing in on previous gains, potentially leading to a sharp decline in the coin's value. However, whales are accumulating significant amounts of ETH, showing confidence in its long-term potential. If ETH fails to breach $2,546 or experiences a renewed wave of selling, its position along the uptrend line could be jeopardized, potentially leading to a more cautious market sentiment.
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