Key takeaways
- ETH is down about 10% and is currently trading near $3,100 per coin.
- This decline comes amid a broader crypto market sell-off.
ETH falls 10% amid broad market pullback
Ether, the second-largest cryptocurrency by market capitalization, lost roughly 10% of its value over the past 24 hours, prompting profit-taking and loss realization as prices approached whales’ cost basis.
Recent activity shows Ethereum investors have stepped up selling in recent days. Data from Santiment indicate investors have realized more than $500 million in gains and about $100 million in losses since Sunday.
Additionally, Ether’s price is approaching the average cost basis—or realized price—of whales holding 10,000 to 100,000 ETH, which sits near $2,900. A drop below that level would likely trigger heavier selling as those large holders seek to limit losses.
Whales have helped absorb selling pressure as the ETH downturn accelerated over the past month; collectively, these addresses increased their holdings by about 890,000 ETH during the period.
ETH could slide below $3,000 as selling pressure mounts
The daily chart for ETH/USD remains bearish after the 10% decline over the last day. Ether was rejected at a previously broken trendline near $3,592 earlier this week and has fallen roughly 10% since. At the time of writing, ETH trades around $3,140 per coin.
If selling continues, ETH may lose the $3,000 support and head toward the psychological $2,900 level. Failure to close the daily candle above the $3,170 area could prompt additional Ether selling.
Like Bitcoin, Ethereum’s RSI and MACD indicators suggest bearish momentum is strengthening, signaling the potential for a deeper correction.
However, if Ether stages a recovery and closes the daily candle above $3,170, it could test the next resistance level near $3,592.