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<a href="https://bitcoinworld.co.in/ethereum-faces-significant-drop-from-its-high-of-3500-as-whale-transactions-decline-2/" title="Ethereum Faces Significant Drop From Its High Of $3,500 As Whale Transactions Decline" rel="nofollow"></a>
<ul> 
 <li>The price of Ethereum (ETH) also dropped significantly from its high of $3,500 as whale transaction decline, causing a lot of sell-offs. </li> 
 <li>The current on-chain data shows a negative trend for Ethereum, which might stop it from recovering soon.</li> 
</ul> 
Today, the cryptocurrency market faced a lot of selling, causing the price of Bitcoin to fall sharply below important support levels and head toward a low of $59,000.&nbsp; 
This drop was triggered by an announcement from Mt. Gox about starting repayments, which led to fears of more selling.&nbsp; 
At the same time, the price of Ethereum also dropped significantly from its high of $3,500, causing a lot of sell-offs. Also, current on-chain data shows a negative trend for Ethereum, which might stop it from recovering soon. 
<h3 id="span-style-font-weight-400-ethereum-s-whale-transaction-declined-span">Ethereum’s Whale Transaction Declined</h3> 
This week started with a sharp downturn in the crypto market, as the price of BTC fell below $59K. According to data from Coinglass, the market experienced total liquidations exceeding $350 million within the past 24 hours.&nbsp; 
Particularly, the price of ETH saw liquidations close to $80 million, while long position holders faced liquidations amounting to over $67 million. 
Whales, known for their significant influence on asset prices due to their substantial holdings, are showing negative in the ETH market.&nbsp; 
Notably, addresses with between 100,000 and 1 million ETH have offloaded approximately 700 million ETH in the past two weeks. 
This sale, which amounted to about $2.32 billion, has reduced their collective holdings to 20.26 million ETH. Given that whales typically maintain their positions even during bear markets, this large-scale selling is a cause for concern. 
Data from IntoTheBlock shows that the large transaction volume for Ethereum declined this week as the metric dropped from the peak of $6.7 billion to a low of $3.4 billion. This weakened the buying volatility for ETH over the week. 
Retail investor sales have also risen. Analysis shows about 25% of ETH users are in profit, likely driving transactions to secure these gains. Usually, selling is low when under 25% are profitable, but with this threshold exceeded, investors might be aiming to lock in gains amid potential price drops. 
<h3 id="span-style-font-weight-400-what-s-next-for-eth-price-span">What’s Next For ETH Price?</h3> 
Ether’s uncertainty was resolved with a downward movement, as it broke below the 50-day SMA at $3,420. ETH price tested buyers’ patience around the $3,200 mark; however, bears failed to plunge the price further.&nbsp; 
This created a rebound opportunity for ETH price. As of writing, ETH price trades at $3,300, declining over 4.7% in the last 24 hours.&nbsp; 
<figure id="attachment_75358" aria-describedby="caption-attachment-75358" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-75358" src="http://bitcoinworld.co.in/wp-content/uploads/ETH-Price-Chart-21-483x300.png" alt="" width="601" height="373" srcset="https://bitcoinworld.co.in/wp-content/uploads/ETH-Price-Chart-21-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/ETH-Price-Chart-21.png 760w" sizes="(max-width: 601px) 100vw, 601px">
 <figcaption id="caption-attachment-75358" class="wp-caption-text">
 ETH Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
The declining 20-day EMA at $3,372 and an RSI near 28 indicate strong bearish control. Sellers will likely try to push the price down to the psychological level of $3,000 and further to $2,850. 
Buyers are expected to step in strongly between $3,000 and $2,850. If there’s a break and close above the 20-day EMA, it would indicate that bearish pressure is weakening. This could potentially trigger an upward movement in the ETH/USDT pair towards $3,545.

Ethereum Faces Significant Drop From Its High Of $3,500 As Whale Transactions Decline

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