Ethereum’s Price Decline

Ethereum’s price has fallen by 8.99% over the last 24 hours, hitting a yearly low. Fundamental signals indicate a potential drop below $2,000.

Ethereum Bears Overwhelm Whales

In the last 24 hours, Ethereum’s [ETH] price has dropped to a yearly low of $2,073. Although ETH saw a brief recovery immediately afterward, this effort did not counteract the prevailing downtrend.

As of writing, ETH was trading at $2,143, representing an 8.99% decline on daily charts, with further drops of 23.18% and 31.34% on weekly and monthly charts, respectively.

This sharp decline suggests ETH has been under strong selling pressure, as sellers dominate the market. Despite the downturn, whales took this as a buying opportunity, acquiring 110,000 ETH tokens over the past 72 hours.

However, the aggressive selling has overwhelmed whale purchases, leading the market into bearish territory. Ethereum’s exchange netflows have remained positive over the last 6 days, indicating more inflow than outflow—signifying sustained bearish sentiment.

The Taker’s buy-sell ratio has also been below 1 for four days, confirming more sell orders than buy orders.

Is ETH Set for Further Decline?

According to AMBCrypto’s analysis, Ethereum is under substantial downward pressure amid a bearish sentiment. Over the last 24 hours, Ethereum experienced a bearish crossover on MACD, indicating strengthening downward momentum with weak bullish activity in the market.

Additionally, a potential death cross may be forming, which could lead to a 20%+ downward movement, reminiscent of past cycles when ETH fell from $2.8k to $2.1k.

Based on historical trends, this could signify a drop to $1,714 if a death cross occurs again. However, a reversal may occur if buyers return to the market, potentially reclaiming $2,340. Currently, the strong downtrend suggests a dip below $2,000 is likely.