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- ETH has fallen more than 5% over the past seven days.
- Market indicators continued to be bearish for the king of altcoins as trading volumes declined.
Last week’s price was Ethereum (ETH) submerged. However, the whales took the opportunity to accumulate more ETH. Does this mean a market bottom, and could this cause ETH to behave differently in the coming weeks?
Ethereum: The whale is on the move
CoinMarketCap’s data It was revealed that the price of Ethereum has fallen by more than 5% in the past seven days alone. At the time of this writing, ETH was trading at $2,214.39, with a market capitalization of over $266 billion.
Trading volume also plummeted, meaning that investors were not actively trading tokens.
Ali, a popular cryptocurrency influencer, highlighted how whales have behaved during this period. He noted: ETH The whale accumulated 100,000 ETH last week, worth more than $230 million at the time of the tweet below.
some of the biggest #Ethereum The whales were a hit, with more than 100,000 caught. $ETH Last week alone – it reached a whopping $230 million! pic.twitter.com/jWHY6MXDgs
— Ali (@ali_charts) December 16, 2023
AMBCrypto then looked at Santiment’s data and discovered that whale activity around the token had indeed increased. The fact that they are buying is evidenced by the increased supply of top addresses at press time.
fun, ETHSupply outside the exchange overturned the supply of ETH on the exchange. This means that buying pressure was also slightly higher.
Source: Santiment
Is this the market bottom?
Buying pressure has been high, but the market may not be bottoming yet. CryptoQyant Analysis by AMBCrypto data At the time of press, both the Relative Strength Index (RSI) and Stochastics were in a neutral position, it said.
So, we looked at Ethereum’s liquidation heatmap to see if the token was close to support levels. Our analysis shows that token liquidation increased around $2,140 to $2,170.
Therefore, it seems highly likely. ETHThe stock may plummet to this level before the next bull rally begins. A rally should begin by testing another major resistance level near $2,380.
Source: Hiblock Capital
read Ethereum (ETH) price prediction 2023-24
Since the token’s MACD showed a bearish crossover, further downside was likely in the near term. Chaikin Money Flow (CMF) also showed a sideways trend.
Ethereum’s Money Flow Index (MFI) also declined and remained near neutral at press time, suggesting a decline in the price.
Source: TradingView