Ethereum, like Bitcoin, is currently trading at the lower boundary of its long-established trading range
The cryptocurrency does appear to be positioned to see a breakdown below this range, but whether or not this takes place will likely depend on Bitcoin
One analyst is now growing increasingly cautious on ETH, explaining that massive spikes in miner outflows for the cryptocurrency signal that a large drop could be imminent
This also comes as the China-based PlusToken Ponzi scheme begins growing increasingly active
On-chain data shows that they just recently moved nearly 800,000 ETH
Ethereum has been flashing signs of weakness as the entire cryptocurrency market continues losing the momentum that had been established over the past several days and weeks.
This lack of momentum does seem to suggest that further downside could be imminent. Buyers are, however, attempting to defend the lower boundaries of the trading ranges that ETH, Bitcoin, and other altcoins have formed over the past few weeks.
Whether or not these levels are broken below in the near-term may depend primarily on just how potent the imminent selling pressure from miners is in the days and weeks ahead.
One previously bullish analyst explained that he is growing cautious of Ethereum and Bitcoin due to this single factor.
Ethereum’s Outlook Dims as It Nears Crucial Support
At the time of writing, Ethereum is trading down just under 2% at its current price of $231. This is just a hair above the crucial support it has formed at $230 over the past several weeks.
This level happens to mark the lower boundary of the trading range that has been firmly established between $230 and $250. Earlier this week, buyers attempted to break $250, but it posted a swift rejection at this level.
One factor that could influence how it trends next is seen while looking towards wallets associated with the now-defunct PlusToken scam.
Data shows that they just moved 800k ETH – potentially signaling that a massive amount of selling pressure is about to be placed on the market.
“Ethereum’s on-chain transaction volume just spiked to its highest level since the Black Thursday dump! The increased activity appears connected with PlusToken – a known Ponzi scheme – moving almost 800k ETH on the blockchain,” analytics firm Santiment noted in a recent tweet.
Why One Previously Bullish Analyst is Growing Cautious on ETH
PlusToken isn’t the only potential source of immense Ethereum selling pressure.
One analyst recently explained that although he remains highly bullish on Ethereum and Bitcoin over a long-term time frame, he is cautious about their near-term price action due to large miner outflows in recent times.
“Personally increasing my exposure to USDT here… While I am super bullish on both BTC & ETH over the next 12/24 months, over the past week there has been a huge spike in miners moving funds on exchanges… This is usually followed by large drops in PA, be careful!” He warned.
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Unfortunately, our website is currently unavailable in most European countries. We are engaged on the issue and committed to looking at options that support our full range of digital offerings to the EU market.
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Ethereum (ETH) is facing significant selling pressure, trading below the $1,900 mark as market uncertainty continues to weigh on price action. After losing the critical $2,000 level, ETH plunged as low as $1,750, marking its lowest point since October 2023.
Ethereum has experienced a massive price surge, jumping from the $2,200 level to $2,500 in just a few hours. This comes after a period of extreme selling pressure that saw ETH drop as low as $2,080 on Friday, leading analysts to expect further declines.
Ethereum is trading below the $2,300 mark after failing to hold key demand levels last week. The price has faced intense selling pressure, fueling concerns among investors that ETH may not see a strong bull market ahead.
In line with major losses across the crypto market, Ethereum (ETH) declined by 17. 08% in the past week reaching as low as $2,104. While the prominent altcoin has shown some minor gains in the past 12 hours, the general market sentiment remains bearish.
Ethereum has experienced a massive drop, losing over 27% of its value in less than five days as the market faces extreme fear and uncertainty. The rapid sell-off has fueled speculation that a bear market could be on the horizon, with many analysts calling for further downside in the coming months.
Amid the market retrace, Ethereum (ETH) has lost its key $2,600 support zone and fallen below the next crucial level. As the second-largest cryptocurrency by market capitalization attempts to hold its current range, some analysts predict a 6% drop could be coming.
Ethereum has been struggling below the $2,800 mark for weeks, unable to reclaim it as support and spark a recovery rally. This critical resistance level has kept bulls at bay, leaving the price action stagnant and fueling negative sentiment in the market.
