Ethereum price plunged 1.67% during the Sunday trading session to reach $2570 and a market cap of $309.5 Billion.
Ethereum price displayed a bearish downturn of 1.67% during the Sunday trading session, reaching $2570 with a market cap of $309.5 Billion. While this bearish reversal is expected as a temporary pullback for buyers to recuperate the bullish momentum, a recent sell-off by a crypto whale sparks the possibility for further correction.
As reported by Spotonchain, a “diamond-hand whale” known as “0x682” has deposited 15,000 ETH (valued at $38.4 million) into Kraken earlier today. Notably, this whale's previous sell-offs have coincided with significant drops in the Ethereum price.
For instance, on July 25, the whale sold 10,000 ETH just before a 7.6% price decline, and similarly, on August 20, 15,000 ETH were sold before a 2.5% drop. At present, this whale holds 26,639 ETH (valued at approximately $69.7M), with an estimated total profit of $132M (+86%).
Given this whale's track record, the Ethereum price prediction could face a deeper correction and retest the $2000 support.
The diamond-hand whale “0x682” deposited 15,000 $ETH ($38.4M) to #Kraken again 8 hours ago!
Notably, in the last 2 deposits, the whale unloaded $ETH right before the price dropped sharply, including:
• 10K $ETH ($34.2M) on Jul 25, before a 7.6% price drop,
• 15K $ETH ($39.7M)… https://t.co/VZglPwpAFd pic.twitter.com/cUNkwvL9VZ
— Spot On Chain (@spotonchain) September 22, 2024
Moreover, the Ether supply on exchange has steadily grown to 21.43 Million ETH, according to the latest data from Santiment. Generally, the increasing supply on exchange raises the risk of potential sell-off and accelerates the downward pressure on an asset.
ETH Price 9% Away From Major Breakout
The Ethereum price has showcased a sustained recovery from $2150 to $2564 in the last two weeks, accounting for a 19.28% growth. This bullish recovery was largely driven by the U.S. Federal Reserve rate cut and Bitcoin price jump above $60000.
In the daily time frame chart, the ETH price shows the formation of a double-bottom reversal pattern. If the pattern holds true, the buyers could push a 9% surge to challenge the $2800 resistance back by 100-day resistance. A potential breakout from this resistance will intensify the bullish momentum, push the asset above $3000, and hit the $3500 barrier.
Alternatively, if the overhead supply at $2800 persists, the Ethereum price could revert back to $2000 and continue a consolidation trend.
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