Ethereum Dips and Whales Swim: Is There Hope for ETH? 🐋💸

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Well, darlings, gather ‘round because Ethereum (ETH) has taken quite the tumble this week — a staggering 25% dive from its dizzying high of $2,930! One might say it’s taking a leisurely stroll down to the $2,000 psychological level. All thanks to Bitcoin’s rather dramatic nosedive below the illustrious $80,000 mark, a feat we haven’t seen since November 2024. And what’s that ominous cloud looming over Ethereum, you ask? Why, it’s none other than the notorious Death Cross, that charming little sell signal that everyone loves to hate! 😱

Let’s don our finest monocles and delve into the current calamity of Ethereum’s price.

ETH Price Collapses to $2,000 Amid Bitcoin’s Selling Spree

Since February 21, Bitcoin has shed a rather impressive 20.55%, while our dear Ethereum is down 25%. As a result, the 50-day Moving Average has slid below the 200-day MA, forming the dreaded Death Cross. This delightful harbinger of doom suggests that the short-term momentum is collapsing faster than one can say “bear market,” leaving our bullish friends rather glum.

With a 25% crash on the scoreboard, ETH price has swept equal lows at $2,100, established on those fine days of January 1 and August 5, 2024. Now, given that the $2,000 psychological level is just a hair’s breadth away, one might entertain the notion of a potential recovery here — if only the market would calm down and stop throwing tantrums.

But alas, for ETH to bounce back from the $2,000 psychological level, Bitcoin must kindly cease its relentless sell-off.

ETH Holders Underwater as MVRV Hits 2022 Levels

Oh, the irony! Santiment’s 365-day MVRV has dipped to a charming -32%, indicating that our dear investors who purchased ETH a year ago are now sporting losses that rival the depths of despair seen in the 2022 bear market. A round of applause for Ethereum’s ability to surprise even the most seasoned investors! 👏

ETH Whales Buy As Retail Investors Panic Sell

In the midst of market chaos, retail investors often engage in a delightful game of panic selling, while the whales — those crafty institutional investors — swim majestically against the tide. Since February 21, wallets holding 1,000 to 10,000 ETH have snapped up roughly 120K Ether worth a staggering $240M. One can’t help but admire their impeccable timing! 🐋💰

What’s Next for ETH Price?

Ah, Ethereum, ever the drama queen! With its rather dismal performance in 2024 and the ongoing power struggle at the Ethereum Foundation between Vitalik Buterin and Aya Miyaguci, the future seems murky. From a technical perspective, a recovery looks as likely as a sunny day in London until the crypto market decides to behave itself. Even if Bitcoin stops its downward spiral, ETH may struggle to regain its sparkle compared to sprightlier altcoins like Sonic (formerly Fantom). 🌧️

For the time being, the key support level to watch is $1,632, should the ever-so-vulnerable $2,000 give way. This level saw the most volume traded between June 2022 and November 2023, so it’s rather important, darling.

On a bright note, if $2,000 holds firm, then the next key level to eye is $3,000. Not only is this a noteworthy psychological level, but it’s also where the Death Cross appears, making it a formidable opponent for any bullish aspirations!

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2025-02-28 12:31