The cryptocurrency market often experiences fluctuations that lead to unexpected developments and significant events. Recently, there was an incident that caught everyone’s attention. A major Ethereum investor, known as a whale, made a surprising decision to sell all their ETH investments, resulting in a massive loss of $6.5 million. This action has sparked discussions within the cryptocurrency community, particularly among Ethereum enthusiasts, about the possibility of a price decline.
How Much is Ethereum Worth in Turkish Lira?
According to reports, a prominent cryptocurrency whale chose to sell all 6,714 of their Ethereum coins at a price of $2,903 each. This move resulted in a significant loss of $6.45 million. To stay updated with the latest financial and business news, visit COINTURK FINANCE.
Furthermore, key indicators such as the Relative Strength Index (RSI) indicate that the market sentiment remains below the neutral zone, and there is a decline in investor interest in alternative cryptocurrencies. In addition, basic averages show a downward trend, which could potentially signal pessimistic price movements in the near future.
At the time of writing, Ethereum (ETH) is trading at $2,921, reflecting a 1% increase over the past 24 hours. The cryptocurrency’s market capitalization stands at $351 billion, while the 24-hour trading volume has decreased by 30% to $8.2 billion.
According to market analysts, if the price manages to surpass the critical resistance level of $3,017, the upward momentum for ETH could continue, potentially breaking the descending channel pattern. Conversely, if bears maintain their strength, the price could drop to this month’s lowest level of $2,650.
Why is Ethereum Experiencing a Decline?
Ethereum, one of the leading alternative cryptocurrencies, appears to be forming a descending channel pattern following a rise in mid-March, indicating a decrease in investor enthusiasm after the surge.
Additionally, the fact that the Spot Ethereum ETF has not yet received approval from the Securities and Exchange Commission (SEC) contributes to the downward price movement of the altcoin.
Furthermore, the recent Dencun hard fork, conducted on March 13, 2024, aimed to address rising transaction fees and enhance platform scalability. Although the upgrade resulted in lower transaction fees and improved scalability, it did not provide the expected support for the Ethereum price.
Instead, Ethereum continued to face rejections at the resistance level after the Dencun fork, leading to a continuous steep decline.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.