Ethereum (ETH), the world’s second largest cryptocurrency, seems to have a hard time and is ready for a huge price decrease due to a remarkable decrease in the last 24 hours. On March 4, 2025, with a price fall of 12%, Ether broke one of his crucial support levels, which had had it since December 2023.
Ethereum (ETH) Technical analysis and upcoming level
This breakdown has partially shifted the market sentiment to the Bearish side. According to the technical analysis of experts, ETH Bearish seems to have fallen under the crucial level of support of $ 2,200. After this breakdown, the Altcoin cleared its path for a further price decrease.
Based on a recent price action and historic momentum, if ETH closes a daily candle below the level of $ 2,065, there is a strong possibility that it could fall by 26% to achieve the next support at $ 1500 in the coming days.
With a continuous fall in price, ETH is far removed from the 200 exponential advancing average (EMA) on the daily period, indicating that it is actively in a downward trend.
Bullish on-chain statistics
Despite the Bearish price action and the fall in the price, whales and long term seem to collect the token, as reported by the on-chain analysis company Coinglass And the Blockchain -based transactions Tracker Lookonchain.
Buy whales for $ 10.40 million in ETH
In a recent message on X (formerly Twitter), Lookonchain noted that a crypto -walvis has again spent $ 10.36 million as 7 brothers and sisters and bought a 4,993 ETH at an average price of $ 2,075. With this substantial accumulation of ETH tokens, this crypto whales’ ETH possession increases to 1,157,000 ETH worth $ 2.4 billion in the two wallet.
The last time, however, they bought on 25 February, when they spent 28.75 million DAI -token and bought 12,070 ETH, with an average price of $ 2,382.
$ 130 million in ETH outflow
In addition to rising whales that rise the interest rates in the midst of price dip, it also seems that the long-term ETH tokens has gathered considerably. Data from Spot -entry/outflow showed that exchanges in the last 24 hours have witnessed an outflow of a considerable ETH value of $ 130 million, which indicate potential accumulation.
Despite all this accumulation and token flow, ETH is currently being traded near $ 2,070 and has experienced a price drop of more than 12% in the last 24 hours. During the same period, however, the trade volume fell by 12%, which indicates a lower participation of traders and investors who may be caused by enormous price fluctuations.
Credit : coinpedia.org
