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Home Ethereum

Ethereum plunges below $2,500: Is the price bottom yet to come?

August 29, 2024
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Ethereum plunges below $2,500: Is the price bottom yet to come?
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  • Ethereum’s price declined by nearly 8% in the last 24 hours alone. 
  • A whale with a good track record sold ETH at a loss. 

Ethereum [ETH] investors were having a tough time as the king of altcoins’ price dropped drastically last week. While several might expect this to be ETH’s market bottom, that might not be the case as per a recent analysis. Let’s see what’s happening with ETH. 

Ethereum bears take control

CoinMarketCap’s data revealed that Ethereum bears pushed the token’s price down by more than 4% last week. Things got worse in the last 24 hours as the token witnessed a nearly 8% price plummet.

At the time of writing, ETH was trading at $2,481.07 with a market capitalization of over $298.4 billion. After the price decline, about 77 million ETH addresses remained profitable, which accounted for 63.9% of all ETH addresses. 

63% ETH investors in profit

Source: IntoTheBlock

While the latest price drop already looked concerning, a latest analysis suggested that there were chances of Ethereum going down further. UNKNOWN TRADER, a popular crypto analyst, recently posted a tweet highlighting a few “yellow” zones.

The tweet mentioned that the analyst would consider buying ETH once the token’s price enters those yellow zones, like $2,172-$2,085. 

Source: X

Therefore, AMBCrypto planned to check the overall market sentiment around ETH to find out whether investors were waiting for a further drop or did they start buying the dip. 

Are investors selling ETH?

AMBCrypto’s analysis of Santiment’s data revealed that ETH’s supply on exchanges was rising. A hike in the metric indicates that investors are selling more.

Additionally, Ethereum’s exchange inflow also spiked, further proving the fact that selling pressure was high.

ETH's supply on exchanges increased

Source: Santiment

Lookonchain recently posted a tweet highlighting an interesting development. A whale with a good track record, sold 5,088 ETH, $13.58 million, at a loss of $3.66 million. Does this mean that ETH’s price would plummet further?

See also  Ethereum headed for $2,000? 2 factors fueling ETH's surge

Interestingly, AMBCrypto’s look at Glassnode’s data revealed that ETH was already trading way below its possible market bottom.

According to the Pi Cycle Top indicator, Ethereum’s market bottom was at $3.2k. This suggested that the possibility of a bullish takeover can’t be ruled out.

Source: Glassnode

AMBCrypto then checked the king of altcoins’ daily chart to better understand what to expect from it in the coming days. 


Read Ethereum’s [ETH] Price Prediction 2024-25 


Though the Pi Cycle Top indicator revealed that ETH was under its market bottom, most technical indicators suggested a further price decline. 

For instance the Chaikin Money Flow (CMF) registered a downtick. Ethereum’s Relative Strength Index (RSI) also followed a similar declining trend, indicating a continued price drop towards $2,311. 

Source: TradingView

 

Previous: ‘End of an era?’ Mixed views as Maker rebrands to Sky
Next: Anthony Scaramucci changes his tune: Is Trump now crypto’s best bet?

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Ethereum’s price declined by nearly 8% in the last 24 hours alone. 
  • A whale with a good track record sold ETH at a loss. 

Ethereum [ETH] investors were having a tough time as the king of altcoins’ price dropped drastically last week. While several might expect this to be ETH’s market bottom, that might not be the case as per a recent analysis. Let’s see what’s happening with ETH. 

Ethereum bears take control

CoinMarketCap’s data revealed that Ethereum bears pushed the token’s price down by more than 4% last week. Things got worse in the last 24 hours as the token witnessed a nearly 8% price plummet.

See also  ChatGPT's predictions for XRP's price remain bullish

At the time of writing, ETH was trading at $2,481.07 with a market capitalization of over $298.4 billion. After the price decline, about 77 million ETH addresses remained profitable, which accounted for 63.9% of all ETH addresses. 

63% ETH investors in profit

Source: IntoTheBlock

While the latest price drop already looked concerning, a latest analysis suggested that there were chances of Ethereum going down further. UNKNOWN TRADER, a popular crypto analyst, recently posted a tweet highlighting a few “yellow” zones.

The tweet mentioned that the analyst would consider buying ETH once the token’s price enters those yellow zones, like $2,172-$2,085. 

Source: X

Therefore, AMBCrypto planned to check the overall market sentiment around ETH to find out whether investors were waiting for a further drop or did they start buying the dip. 

Are investors selling ETH?

AMBCrypto’s analysis of Santiment’s data revealed that ETH’s supply on exchanges was rising. A hike in the metric indicates that investors are selling more.

Additionally, Ethereum’s exchange inflow also spiked, further proving the fact that selling pressure was high.

ETH's supply on exchanges increased

Source: Santiment

Lookonchain recently posted a tweet highlighting an interesting development. A whale with a good track record, sold 5,088 ETH, $13.58 million, at a loss of $3.66 million. Does this mean that ETH’s price would plummet further?

Interestingly, AMBCrypto’s look at Glassnode’s data revealed that ETH was already trading way below its possible market bottom.

According to the Pi Cycle Top indicator, Ethereum’s market bottom was at $3.2k. This suggested that the possibility of a bullish takeover can’t be ruled out.

Source: Glassnode

AMBCrypto then checked the king of altcoins’ daily chart to better understand what to expect from it in the coming days. 

See also  What next for Ethereum as SEC delays spot ETF proposals

Read Ethereum’s [ETH] Price Prediction 2024-25 


Though the Pi Cycle Top indicator revealed that ETH was under its market bottom, most technical indicators suggested a further price decline. 

For instance the Chaikin Money Flow (CMF) registered a downtick. Ethereum’s Relative Strength Index (RSI) also followed a similar declining trend, indicating a continued price drop towards $2,311. 

Source: TradingView

 

Previous: ‘End of an era?’ Mixed views as Maker rebrands to Sky
Next: Anthony Scaramucci changes his tune: Is Trump now crypto’s best bet?
Tags: BottomEthereumPlungesPrice

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

Outdated life insurance settlement model gets a Core blockchain makeover

Outdated life insurance settlement model gets a Core blockchain makeover

February 29, 2024
Games to earn Bitcoin and Cryptocurrencies

Games to earn Bitcoin and Cryptocurrencies

March 4, 2024
These People Manage 13 Trillion Dollars of Investment, and Now They Want To Buy In to Ethereum…

These People Manage 13 Trillion Dollars of Investment, and Now They Want To Buy In to Ethereum…

November 20, 2023
Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price

Bitcoin Retail Investors Are Dumping Amid Jump To $67,000, Why This Is Good For Price

May 20, 2024

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