Ethereum

<ul> 
 <li><strong>Ethereum Whales poured in around $425 million to purchase 260,000 ETH.&nbsp;</strong></li> 
 <li><strong>ETH’s market cap has fallen below $200B as a result of price declines over the last week.</strong></li> 
</ul> 
<p>Ethereum price has declined over the last week as the market struggles with persistent macroeconomic uncertainties and prolonged delays in the approval of spot ETFs.</p> 
<p>According to on-chain data, whales are quite active during this severe market downturn. Ali Martinez, a prominent crypto researcher, recently shared that in only 24 hours, Ethereum Whales poured in $425 million to purchase 260,000 ETH. This occurs after significant ETH whale movement was reported a day earlier. On Monday, 300,000 ether were transferred between two “whale” addresses on <a href="https://thenewscrypto.com/coinbase-to-participate-in-the-barclays-global-financial-services-conference/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a>.</p> 
<h3 class="wp-block-heading" id="h-further-decline-likely">Further Decline Likely?</h3> 
<p>Despite <a href="https://thenewscrypto.com/ethereum-fails-to-gain-momentum-as-whales-move-300k-eth-to-coinbase/" target="_blank" rel="noopener noreferrer nofollow">Ethereum’s</a> fall over the last week, the cryptocurrency has now been trading at around the $1630 mark. According to CMC statistics, ETH’s market cap has fallen below $200 billion as a result of price declines over the last week.</p> 
<p>The price of ETH declined all the way till $1612 yesterday. However, bulls were able to quickly outnumber bears offering a ray of optimism. There has been heavy selling pressure on ETH as of late, but $1600 is acting as a significant support level. Ethereum’s price has repeatedly bounced off of its support trendline over the last several weeks, rejecting efforts by sellers to bring about a deep fall.</p> 
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  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1.png" alt="" class="wp-image-81843" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETH_7D_graph_coinmarketcap-1-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
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    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
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 </figure> 
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<p>ETH price has been consolidating in a tight range, fluctuating between $1600 and $1645. Many market watchers assessing Ethereum’s present scenario believe losses might escalate if the price falls below the $1600 levels.</p> 
<p>If the price manages to break the support level of $1600 then it will likely test the $1100 mark. On the other hand if it manages to clearly break above the $1643 mark then it will likely test the next resistance level at $1700.</p>

Ethereum (ETH) Price Likely to Decline Further Amid Bear Dominance

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