Ethereum Price Forecast: ETH may fall to $3,000 despite whale piling

After the market drop, small-scale whales and short-term holders sold over 120K ETH.

Large whales have accumulated 210K ETH despite selling pressure.

Ethereum may fall to $3,110 to form a rounded top.

Ethereum (ETH) fell 4% below $3,300 on Wednesday as short-term holders sold. Large whales' buy-side pressure may not overwhelm bearish, lowering the top cryptocurrency to $3,000.

Short-term holders sell, Ethereum whales purchase the drop.
According to speculators rushed exchanges with roughly 120,000 ETH worth $400 million after Tuesday's crypto market fall.

Most investors panicked and booked losses totaling over $50 million after ETH's 12% drop in two days, according to the Network Realized Profit/Loss statistic.

As seen by the declining blue line in the figure above, investors holding 1K to 10K ETH sold most recently. These investors sold 110,000 ETH in three days.

Dormant Circulation shows the total dispersed coins during a certain period. This measure rises when distribution rises and falls when distribution falls.

Ethereum lead the futures market with almost $130 million in lengthy liquidations due to strong selling. According to Coinglass, the highest liquidation order was $17.74 million for ETH/USDT.

Ethereum ETFs saw investors sell $86.8 million of their ETH holdings.

The price drop has prompted major whales with 10K to 100K ETH to acquire 210,000 ETH in three days. Ethereum long-term holdings (LTH) were unaffected by the market downturn.

Ethereum confirmed a rounded top pattern on Tuesday after a 10% drop that broke $3,300.

If ETH rejects this resistance and the support level at $3,216 fails, it might fall to $3,110, a target calculated by projecting the rounded top's height downward.

Investors bought roughly 10 million ETH in the $3,019–$3,358 area, which might limit future falls.

However, ETH confronts resistance at $3,550 if it overcomes the obstacles and reclaims the symmetrical triangle.

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