Ethereum (ETH) has fallen 13.6% over the past week due to rising geopolitical tensions, primarily between the Middle East, particularly Israel and Iran. Despite this recent price slump, the Ethereum whales do not appear to signal credible trust in the long-term recovery of their digital assets.
Ethereum whales are not derived despite recent losses
According to a recent crypto-quicktake post by technical trader Mignolet, ETH whales have recently Price pullback With cryptocurrency. In particular, digital assets have fallen from $2,869 on June 11th to the $2,200 range at the time of writing.
Unlike the double-top pattern observed in 2021, Ethereum saw a noticeable increase in transactional outflow as whales emerge near the top, current data suggests that whales are not moving in the same way.
Analysts shared the following comparison chart showing that in previous market cycles, a surge in ETH withdrawals from wallets is typically followed by major price pullbacks. However, such spikes are currently absent, suggesting less exit activity.
A recent post on X is on Crypto analyst Ted Pillows Added It further supports this view, saying that the Ethereum whales are actually buying dips. According to analysts, during the market pullback on June 21, wallets with more than 10,000 ETHs were added to collect more than $265 million in ETH.
Nevertheless, Pillow warned that if ETH cannot immediately surpass the $2,350 resistance level, it could revisit $2,100 in support. Failure to maintain this level could result in an additional reduction in assets to $1,800.
Meanwhile, Crypto Trader Merlijn The Trader offered a more optimistic take. Analysts compare Ethereum’s current price action with the accumulation stage they saw between 2019 and 2021, saying “Five-digit ETH is not a dream,” meaning that the long-term bullish outlook remains intact.
Do you make brewing headwind for ETH?
It’s a technical indicator point Towards a further upward trend for the second-largest cryptocurrency by market capitalization, some market experts have argued that ETH may be on the verge of entering a period of downtrends before it resumes its bullish trajectory.
For example, there’s Axel Kival, a veteran crypto market expert recently. I made a comment That ETH may be preparing for a critical downtrend move. Analysts issued a harsh warning that ETH could fall all the way to $900.
Similarly, ETH sales volume rise I’ll threaten It further disrupts the positive price momentum of digital assets. At the press conference, ETH was $2,233, an increase of 2.4% over the past 24 hours.
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