Ethereum $2,369.99recently fell below critical support levels and lost 7 %. Loaded sales of large investors led to concern in the market. Millions of dollars of ETH transactions have created a panic atmosphere among crypto currency investors. Analysts closely follow the support levels to determine the direction of the market.
Ethereum sales of large accounts are increasing
Recently, sales transactions have attracted attention in the Ethereum market. Great investors have disposed of tens of thousands of ETHs and created sales pressure in the market. Among the prominent transactions, a wallet sells 8,074 ETH at a price of $ 19.63 million, and another account transferred 10,000 ETH to Binance worth $ 23.44 million.
These moves reveal the risk strategy of the major investors’ avoidance. Crypto money analyst Ali Martinez said that 440,000 ETHs were sold in the last week. The continuation of high -volume sales indicates that there may be more decrease in the price of Ethereum. Investors are moving cautiously due to sales pressure on the market.
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Hack Events and ETF outputs are concerned
One of the reasons behind the decrease in Ethereum price was a cyber attack on the Bybit stock exchange. After the hacking incident, the losses were tried to be compensated within 48-72 hours. This development increased sales pressure by shaking the trust of investors.
On the other hand, $ 94.3 million output from Spot Ethereum ETFs took place. ETF investors abstain shows that the demand for Ethereum has decreased. Market analysts think that the decline in ETFs increases the pressure on the price of Ethereum.
Analyst Justin Bennett said Ethereum could not pose sufficient procurement pressure at the current support levels. “Although almost a month passed, the expected purchase movement at the level of support could not be observed.” He drew attention to the uncertainty in the market. There are different views among analysts about the direction of Ethereum price. Some argue that existing levels offer the opportunity to accumulate, while others predict that a new wave of decline may come.
This mobility in Ethereum caused investors to review their strategies. If there is not sufficient purchase pressure at the support levels, greater fluctuations may be experienced in the market. Crypto currency investors are more cautious due to uncertainty in the market.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
