Key points
- ETH has dropped about 10% and is trading around $3,100 per coin.
- The decline comes as the broader cryptocurrency market experiences a significant sell-off.
ETH falls 10% amid broader market sell-off
Ether, the second-largest cryptocurrency by market capitalization, lost roughly 10% of its value in the past 24 hours, triggering increased profit-taking and stop-loss realizations as prices approached whales’ cost bases.
This movement follows intensified selling activity among Ethereum investors over recent days. Data from Santiment shows investors booked more than $500 million in profits and about $100 million in losses since Sunday.
Additionally, Ether’s price is nearing the average cost base—or realized price—of whales holding 10K–100K ETH, which sits near $2,900. A drop below that cost base could trigger heavy selling as those whales look to cut losses.
Whales have played a key role in absorbing selling pressure during the recent decline, increasing their collective holdings by approximately 890K ETH over the past month.
ETH could dip below $3K if selling pressure intensifies
The daily ETH/USD chart remains bearish as Ether recorded a roughly 10% loss in 24 hours. The token was rejected at the previously broken trendline near $3,592 earlier this week and has since pulled back about 10%. At the time of writing, ETH is trading around $3,140 per coin.
If the sell-off continues, ETH risks losing the $3,000 support level and could slide toward the $2,900 psychological area. Failure to close the daily candle above the $3,170 region could prompt further downside pressure for Ether.
Like Bitcoin, Ethereum’s RSI and MACD indicators point to growing bearish momentum, suggesting the potential for a deeper correction ahead.
Conversely, if Ether recovers and closes the daily candle above $3,170, it could target the next resistance level near $3,592.