Ethereum

<ul>
 <li>Ethereum price is down 4% in the past 24 hours.</li>
 <li>Whale activity suggests confidence; altcoins face significant bearish pressure.</li>
</ul>
The altcoin market is experiencing high bearish pressure, with major cryptocurrencies seeing notable declines. Ethereum (<a href="https://thenewscrypto.com/ethereum-teeters-on-the-edge-of-breaking-crucial-support-zone/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>), the leading altcoin has dropped 4% in the past twenty-four hours, hitting a one-month low of $3,355. Despite this price drop, trading volume has surged by 83%.
Other notable coins in the altcoins’ red Sea include Solana-down 8%, Dogecoin-down 10%, Uniswap-down 11%, <a href="https://thenewscrypto.com/polygon-launches-governance-hub-to-boost-decentralization-objective/" target="_blank" rel="noopener noreferrer nofollow">Polygon</a>-down 10%, Cardano-down 8%, Avalanche-down 8%, and Chainlink-down 7%.
Amidst this market slump, a significant whale movement has captured attention. Just before Ethereum’s further decline a few hours ago, an Ethereum ICO participant deposited 5,500 ETH (worth $19.3 million) to Kraken. This participant originally received 150,000 ETH in 2015 at an ICO price of $0.31, totaling $46,600.
Over the past two days, this whale has deposited 10,000 ETH ($35.4 million) to Kraken and still holds or stakes 139,000 ETH ($476 million) across eight wallets.
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<h3 class="wp-block-heading" id="h-whales-move-indicate-bullish-recovery">Whales’ Move Indicate Bullish Recovery?</h3>
Santiment’s data reveals a massive increase in Ethereum addresses holding more than 10,000 ETH over the past four weeks, showing a rise of over 3%. The accumulation by whales can significantly influence market sentiment and drive up demand for ETH, potentially leading to a price increase.
Moreover, prominent analyst <a href="https://x.com/ali_charts" target="_blank" rel="noopener noreferrer nofollow">Ali</a> highlighted in a recent tweet that Ethereum whales have purchased over 700,000 ETH in the past three weeks, amounting to approximately $2.45 billion.
On the technical side, the 9-day <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">EMA</a> for Ethereum is at $3,553.6, indicating a compelling bearish chart. The daily RSI stands at 43, nearing oversold conditions. The first resistance level is at $3,600, and if the price surges above this, it could potentially reach $3,805.
Despite the current bearish trend, the actions of these large holders suggest underlying confidence in Ethereum’s long-term potential. The coming days will determine whether this accumulation will counteract the prevailing bearish sentiment and support a price recovery.

Ethereum Hit One-Month Low Amidst $19M Whale Deposit

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