The price of Ethereum has seen a 4% decrease in the last 24 hours, indicating bearish pressure on altcoins. Major cryptocurrencies are facing significant declines, with Ethereum (ETH) leading the way by dropping 4% to a one-month low of $3,355. Despite this drop, trading volume has increased by 83%.
Other altcoins in the red include Solana (down 8%), Dogecoin (down 10%), Uniswap (down 11%), Polygon (down 10%), Cardano (down 8%), Avalanche (down 8%), and Chainlink (down 7%).
In the midst of this market downturn, attention has been drawn to a significant whale movement. Just before Ethereum’s decline, an Ethereum ICO participant deposited 5,500 ETH (worth $19.3 million) to Kraken. This participant initially received 150,000 ETH in 2015 at an ICO price of $0.31, totaling $46,600.
This whale has deposited a total of 10,000 ETH ($35.4 million) to Kraken over the past two days and currently holds or stakes 139,000 ETH ($476 million) across eight wallets.
Santiment’s data shows a notable increase in Ethereum addresses holding more than 10,000 ETH in the last four weeks, indicating a rise of over 3%. This accumulation by whales could impact market sentiment and drive up demand for ETH, potentially leading to a price increase.
Analyst Ali 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, Ethereum’s 9-day EMA is at $3,553.6, suggesting a bearish chart. The daily RSI is at 43, nearing oversold conditions. The first resistance level is at $3,600, with a potential surge to $3,805 if surpassed.
Despite the current bearish trend, the actions of these large holders indicate confidence in Ethereum’s long-term potential. The coming days will reveal if this accumulation will counteract the prevailing bearish sentiment and support a price recovery.
In other news, analysts are debating whether an altcoin season is on the horizon, with the market remaining uncertain.
