Ethereum addresses containing more than 10,000 ETH decline significantly
Ethereum struggles below $2,300 as whale sell-off intensifies bearish sentiment.
Ethereum has been trading below the $2,300 level for several days following two weeks of massive volatility and aggressive price swings.
Since early February, ETH has lost over 40% of its value, leaving traders cautious as the asset hovers near multi-month lows.
Key Takeaways
- Substantial Decline: ETH has shed over 40% of its value since February, remaining below $2,300 amid persistent market weakness.
- Whale Offloading: On-chain data shows a drop in addresses holding more than 10,000 ETH from 999 to 919, suggesting heavy selling by large holders.
- Critical Support: The $2,200 demand level is pivotal, as its breach could trigger further declines below $2,000.
- Resistance Levels: A breakthrough above the $2,500-$2,600 range is crucial for a bullish reversal.
Bearish Market Sentiment and Technical Analysis
Ethereum continues to follow a downtrend, unable to reclaim key resistance levels. Recent on-chain data from Glassnode reveals that the number of addresses holding more than 10,000 ETH has dropped to 919 from 999 in late February, highlighting significant selling pressure from whale investors. This withdrawal of large holders is often seen as a bearish signal, further contributing to negative sentiment in the market.
Number of ETH Adresses with balance > 10k. Source: Glassnode
Price Action and Critical Levels
Currently, ETH trades around $2,300, caught in a tight range after failing to breach the $2,500 mark or drop below $2,000. Analysts emphasize that for a recovery to materialize, bulls must push the price above the critical resistance zone between $2,500 and $2,600.
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Meanwhile, the support level at $2,200 is holding firm; a break below this threshold could accelerate a deeper decline. Some market observers believe that if Ethereum manages to stabilize above $2,200, it may set the stage for a gradual rebound in the coming weeks.
Outlook and Future Prospects
Despite the current bearish control, there remains cautious optimism among traders. A potential shift in momentum could see ETH reclaim key resistance levels and restore buying interest. However, until Ethereum decisively breaks out of its current range, volatility is expected to persist, leaving the market in a state of uncertainty over the next major price move.
Recently we wrote, that after eight consecutive days of outflows, U.S. Spot Ethereum ETFs saw a notable turnaround on March 4th, recording a net inflow of $15.86 million.
