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ETH Whale Selling? Ethereum Price Risks $3000 Collapse
The cryptocurrency market has retained its bearish sentiment during Friday’s U.S. market session as Bitcoin price extended correction below $100k and Ethereum price fell below $3,500. As on-chain data shows ETH whales exiting their position, the coin price could delay an immediate recovery.
According to Coinmarketcap, the ETH price trades at $3,380 with an intraday loss of 0.91%. Consecutively, the asset’s market cap fell to $407 Billion, while the 24-hour trading volume is at $123.5 Billion.
A substantial transfer of borrowed ETH to Binance hints that crypto whales or institutions are opening a short position in Ether. This significant move has raised concerns about Ethereum’s potential collapse down to $2,900, with a possible plunge of 14%.
Furthermore, the daily chart analysis of the Ethereum price shows the formation of a double-top reversal pattern, often seen at major market tops. Amidst the recent market downturn, the altcoin gave a decisive breakdown from the pattern’s neckline support of $3,500 on Thursday. If the theory holds, the ETH price could retest the breached trendline as potential resistance before continuing the downward trend.
With sustained selling pressure, Ethereum could plunge 14% to retest the $2,900 floor.
Source: www.cryptonewsz.com
