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Ethereum Price Analysis and Whale Activity

The Ethereum price has decreased by 4% in the last 24 hours, indicating bearish pressure on altcoins. Despite the market slump, whale activity suggests confidence in Ethereum.

Altcoin Market Facing Bearish Pressure

The altcoin market is currently under significant bearish pressure, with major cryptocurrencies experiencing notable declines. Ethereum, the leading altcoin, has dropped 4% in the past day, hitting a one-month low of $3,355. Trading volume has surged by 83% despite the price drop.

Whale Activity and Market Sentiment

Other major altcoins like Solana, Dogecoin, Uniswap, Polygon, Cardano, Avalanche, and Chainlink have also seen declines ranging from 7% to 11%. Amidst this, a whale movement involving a significant amount of ETH has gained attention, potentially influencing market sentiment.

Santiment’s data shows a rise in Ethereum addresses holding more than 10,000 ETH, indicating possible bullish recovery. Analysts have noted substantial purchases of ETH by whales in recent weeks, amounting to billions of dollars.

On the technical side, indicators like the 9-day EMA and daily RSI suggest a bearish trend for Ethereum. However, there are resistance levels that could potentially lead to a price increase if surpassed.

Long-Term Confidence in Ethereum

Despite the current bearish trend, the actions of large holders and whale activity suggest underlying confidence in Ethereum’s long-term potential. The coming days will reveal whether this accumulation will counteract bearish sentiment and support a price recovery for Ethereum.

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