The price of Ethereum decreased as the whale with a significant loss

The price of ETHEREUM fell on Monday with a continued feeling of risks in the encryption and stock markets, and after a whale it succumbed to a significant loss.

ethereum (EthIt fell to $ 2,400 on Monday, a decrease from the highest level in this month of $ 2,732. The decline scored 35 billion dollars in the market value, which decreased from 325 billion dollars on May 14 to 289 billion dollars.

ETH retreated after a large holder surrender. according to LookonchainThe whale pulled 7000 ETH with a value of $ 16.8 million at a loss. Previously, the same address had withdrawn 13,479 ETH at a value of $ 48.82 million between December 5 and January 13. The whale still holds 6,479 ETH and made a loss of $ 16.28 million.

However, ethereum basics indicate a potential recovery of prices. First, Nansen data shows that more investors transfer ETH from the central stock exchanges and to the governor of self -friction. The symbols on the stock exchanges decreased by 3.46 % on Monday to 23.47 million. The total width on the stock exchanges decreased to 19.45 %.

The drainage balances are usually upward, as they indicate that investors are not looking to sell in the short term.

Another positive sign is that the assets of the Ethereum network are still growing despite the opposite winds in the broader market. As shown below, Blackrock Digital Liquidity Fund, or BidelHe was in the strong upward trend. Its assets rose to $ 2.9 billion, up from $ 640 million on January 1.

Technical analysis of Ethereum price

The Daily Chart explains that ETH has a bottom of $ 1,380 in April before reaching $ 2732 last week. She has withdrawn since then as investors got profits.

Despite the decrease, the ETH is still higher than the 50 -day and 100 -day moving averages, which are about to form a small golden cross. The current withdrawal occurred after the price has reached the level of Fibonacci tradition by 50 %, a sign that ETH may now enter the second phase of the ELLIOTT wave style.

If this outlook persists, Ethereum may rise and a 78.2 % decrease level will be re -testing at 3527 dollars in the long run. The decline without the $ 2000 support zone would nullify this upscale scenario.