Ethereum (ETH), a major player in the cryptocurrency market, has seen a dramatic drop of over 10% in just 24 hours, slipping below a significant support level on March 4, 2025. This decline has intensified selling activities within the market, raising concerns among traders. Experts warn that if Ethereum fails to stabilize above critical price points, it could face a more severe decline.
What Are the Key Support Levels for Ethereum?
Ethereum has now breached its long-standing support at $2,200, indicating a potential for a worsening downward trend. Technical analysis suggests that if the currency continues to close below $2,065, it may plunge to prices as low as $1,500.
Will Large Investors Change Ethereum’s Course?
In a surprising twist, large-scale investors, referred to as whales, are still amassing ETH despite the price slump. A whale wallet known as “7 siblings” recently boosted its holdings to 1,157,000 ETH after acquiring nearly 5,000 coins valued at $10.36 million. Additionally, long-term investors are withdrawing ETH from exchanges, with a notable $130 million exiting over the past day, signaling a preference for holding over trading.
- Ethereum’s decline below $2,200 raises fears of a deeper fall.
- The currency may drop to $1,500 if it doesn’t hold above $2,065.
- Whales are accumulating ETH despite market drops, indicating confidence.
- Long-term investors are withdrawing ETH from exchanges, reducing market supply.
Despite these movements, Ethereum’s price remains around $2,070, with daily trading volumes decreasing by 12%, potentially indicating low market activity that could lead to further volatility.
