Key Points
- ETH fell about 10%, trading around $3,100 per coin.
- The weakness occurred as the broader crypto market experienced significant declines.
ETH Drops 10% as Markets Slip
Ethereum, the second-largest cryptocurrency by market capitalization, lost roughly 10% of its value over the past 24 hours. The slide has pushed its price nearer to the cost basis held by large holders, prompting increased profit-taking and realized losses.
This recent downturn follows days of intensified selling from Ethereum investors. Data from Santiment shows that since Sunday, investors have realized over $500 million in gains and more than $100 million in losses, reflecting heightened trading activity amid falling prices.
Additionally, ETH’s price is approaching the average cost basis — or realized price — of whales holding 10K–100K ETH, which stands near $2,900. A move below this level could trigger stronger selling pressure as these large holders seek to cut losses.
Whales have been central to absorbing selling pressure: since the recent acceleration of ETH’s decline last month, they increased their combined holdings by around 890K ETH during this period.
ETH Could Drop Below $3,000 If Selling Intensifies
The ETH/USD daily chart remains bearish after the 10% drop in the last 24 hours. Earlier this week, Ethereum was rejected near the prior breakout trendline around $3,592 and has since pulled back about 10%. At the time of writing, ETH trades near $3,140 per coin.
If the decline continues, Ethereum risks losing the $3,000 support level and could target the psychological $2,900 mark. Failure to close daily candles above roughly $3,170 may accelerate further selling pressure on ETH.
Like Bitcoin, Ethereum’s RSI and MACD point to increasing bearish momentum, suggesting the potential for additional downside in the near term.
However, a recovery that closes daily candles above $3,170 could shift momentum and target the next resistance near $3,592.