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Ethereum (ETH) has taken a significant hit, crashing below the critical $3,500 mark amidst the broader crypto market downturn and major whale activity. The token briefly touched $3,607 before returning to its current support level around $3,400-$3,500. This intense sell-off has sparked concerns about whether we have reached the bottom or if further losses lie ahead.
The recent decline can be attributed to a combination of factors, including exhaustion in the market, a rejection at $4,000 resistance, and increased risk aversion. Notably, whale-sized transactions, such as Arthur Hayes’ multimillion-dollar dump, have added fuel to the bearish fire.
Despite these negative trends, there are reasons to believe that Ethereum may be on the cusp of a rebound. The Relative Strength Index (RSI) and MACD indicators have reached oversold levels, which historically signal a reversal in momentum. Additionally, exchange data suggests investors are withdrawing their ETH from exchanges, potentially moving it into cold storage.
The uncertainty surrounding the market’s trajectory has prompted some analysts to predict that Ethereum could eventually reach $8,000 or even $13,000 by Q4 2025.
Source: bravenewcoin.com
