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Ethereum Price Correction: The Aftermath of Whales Selling

1 min
Updated by Ali Martinez
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In Brief

  • Ethereum experienced a 15% price correction in the past 11 days, falling from $1,710 to $1,460.
  • Whales selling 350,000 ETH worth $560 million may have contributed to the correction.
  • Ethereum needs to reclaim $1,600 support to end the downtrend and advance towards $2,000.
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The crypto market has been in a state of flux in recent days, with Ethereum experiencing a significant price correction that has seen its value drop from a high of $1,710 to a low of $1,460 in the past 11 days.

This sudden and steep decline has been the talk of the town among crypto investors and traders, who are trying to understand the underlying causes of this correction.

Whales Appear to Sell Ethereum

While market conditions can play a significant role in price corrections, the behavior of Ethereum whales can be a key factor.

On-chain data shows that during this 11-day period, whales holding between 100,000 to 1,000,000 ETH sold or redistributed approximately 350,000 ETH, worth $560 million. This massive outflow of Ethereum could have significantly impacted the price correction that the asset has experienced.

Ethereum ETH Whales
Source: Santiment

The recent price correction has placed Ethereum in a precarious position, as evidenced by IntoTheBlock’s Global In/Out of the Money Around Price (GIOM) model.

The model reveals that the second-largest cryptocurrency by market cap has lost a crucial area of support at $1,600 and now faces a significant challenge in terms of recovering from this decline. The next significant support area sits at $1,330, where over 6.18 million addresses had previously purchased 12.63 million ETH.

Ethereum ETH Price
Source: IntoTheBlock

However, all is not lost for Ethereum just yet. To end the current downtrend, Ethereum price needs to rebound quickly and reclaim the $1,600 barrier as support.

This could be a turning point for ETH price and potentially set the stage for a climb toward the $2,000 mark.

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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Ali Martinez
Ali Martinez is the Global Head of News at BeInCrypto, specializing in market analysis, emerging trends in the crypto industry, Bitcoin’s four-year cycle, and macroeconomic developments. Previously, he covered the altcoins market for Crypto Briefing, CryptoSlate, CCN.com, and NewsBTC. His reporting focused on the ICO boom, Ethereum's evolution, Bitcoin halvings, and network upgrades like hard forks and soft forks, emphasizing the impact on digital asset valuations. At Binance and FXStreet...
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