Key takeaways
- ETH is down 10% and is currently trading around $3,100 per coin.
- This bearish move coincides with a broad market sell-off across the crypto space.
ETH drops 10% amid broader market sell-off
Ether, the second-largest cryptocurrency by market capitalization, has declined roughly 10% over the past 24 hours, prompting increased profit-taking and loss realization as prices approach whales’ cost basis.
This pullback follows intensified selling by Ethereum holders in recent days. Data from Santiment shows investors have realized more than $500 million in profits and about $100 million in losses since Sunday, reflecting active rotation and risk management across addresses.
Moreover, Ether’s price is nearing the average cost basis—or realized price—of whale wallets holding between 10K and 100K ETH, which sits near $2,900. If prices drop beneath that level, it could trigger heavier selling pressure as these large holders move to cut losses.
Whales have played a central role absorbing selling pressure during the recent decline, increasing their combined holdings by roughly 890K ETH over the past month. Their actions remain a key factor in determining near-term price stability.
ETH may slip below $3,000 as selling accelerates
The daily ETH/USD chart maintains a bearish bias after Ether’s 10% decline over the last day. The coin was rejected at a previously broken trendline near $3,592 earlier this week and has since dropped about 10%. At the time of reporting, ETH trades around $3,140 per coin.
If the selling continues, ETH could break the $3,000 support and move toward the psychologically important $2,900 level. Failure to close the daily candle above the $3,170 region would likely invite additional selling pressure on Ether.
Similar to Bitcoin, Ethereum’s RSI and MACD point to growing bearish momentum, signaling the potential for a deeper correction in the near term.
However, a recovery that closes the daily candle above $3,170 could open the path back to resistance near $3,592, offering a clearer short-term bullish outlook if sustained.