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Ethereum (ETH) Whales Capitulate: Is It Over?
The recent capitulation of ETH whales has sent shockwaves throughout the cryptocurrency market, leaving many wondering if the bearish trend is indeed over. By solidly crossing below the 200-day EMA, the 50-day and 100-day EMAs have strengthened the bearish trend, indicating a clear shift in sentiment.
Despite being close to oversold territory, with an RSI below 35, there seems to be no immediate reversal in sight. Instead, the absence of buying volume has only exacerbated the decline, leading many to speculate about a potential collapse towards $1,200 if support at $1,400 is breached.
While it’s possible that Ethereum could still recover, the psychological impact of this whale exodus cannot be overstated. The current sentiment is overwhelmingly bearish, and any hope for a swift rebound seems to have dissipated in the face of relentless selling pressure.
Before any long-term recovery can begin, sentiment needs to shift and new buying volume needs to enter the market. Until then, Ethereum’s price action remains precarious at best, leaving many investors wondering if this is indeed the end of the line for the asset.
Source: https://u.today/ethereum-eth-whales-capitulate-is-it-over
