A Stunning Plunge! Can Ethereum $ETH Survive This Deadly Blow?

The cryptocurrency market has recently been thrown into chaos, with Ethereum at the center of the storm. The price suddenly fell below $3200, dropping more than 13% within 24 hours, catching the attention of global investors. Everyone is pondering: Is ETH nearing its bottom, or does it still have further to fall?

Not long ago, Ethereum was hovering around $4000, but once it broke the $3500 mark, it slid down like on a slide. Experts say that $2800 could be the next level of support. But what exactly is causing Ethereum to drop so sharply?

Whale Sell-off: A Large Amount of ETH Being Liquidated

An on-chain analysis platform, Lookonchain, reported several significant moves by whales:

Whale 1: A large holder deposited 22,746 ETH into Binance to pay off debts and sold 31,968 ETH in the past few days.

Whale 2: Another large holder transferred 49,910 ETH to Binance in 8 hours and then exchanged it for $137.8 million in stablecoins.

Is the Ethereum Foundation Joining the Fray?

It's not just the whales that are moving; the Ethereum Foundation is also selling ETH at this time. They typically like to sell coins at market highs to fund development.

They do this to support the long-term development of Ethereum, but this increases price pressure. With so much ETH flooding into the market, can retail investors not worry about the price continuing to drop?

Has Ethereum Hit Bottom?

With whales selling off like this and the price breaking through important levels, everyone wants to know: Has Ethereum nearly hit bottom, or does it have to continue falling?

Some experts believe that $2800 could be the next level of stability. But some also warn that if whales continue to sell, the price may continue to drop. Will ETH hit new lows or will it rebound?

You need to know this:

If $2800 can hold, Ethereum may stabilize and prepare for a rebound.

But if the selling pressure remains so high, the price will likely drop in the short term. #比特币