Why did Ethereum fall today?
The price of Ethereum (ETH) is a bit miserable today, and it has fallen a lot. Speaking of it, there are many reasons.
On the one hand, those big guys (whales) have been selling ETH, which has made people panic. This is not over yet. The Ethereum Foundation also joined in the fun and sold 100 ETH at once, worth $420,000, and the price fell again.
Let’s talk about El Salvador. They reached an agreement with the International Monetary Fund (IMF) and borrowed $1.4 billion, but the condition was that they had to reduce Bitcoin policies and taxes had to be paid in US dollars. This also affected market sentiment.
In addition, a big whale has deposited nearly 50,000 ETH in Binance, worth $170 million, which scared everyone for fear that he would sell again. He also withdrew $137 million in stablecoins. Once the strategy changed, the price of ETH also suffered.
Looking ahead, the price of Ethereum may try the range of $3,000 to $3,025, and the 200-day moving average (EMA) may be able to support the price. But if the selling pressure is still so great, the price will have to fall.
Now, Ethereum is about $3,125, down 15.6% in the past 24 hours. However, the support level of $3,250 may be able to stop the momentum of further decline.
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