The price of Ethereum ETH experienced a decline this morning, mainly due to the large-scale selling of their ETH by some large holders, "whales". This selling pressure stems from several key events:
1. Whale selling behavior: In the past 48 hours, large holders and institutions have sold more than $143 million of ETH, which has caused considerable downward pressure on the market. Some whales even transferred tens of thousands of ETH directly to exchanges for selling, and this large-scale selling behavior directly led to the decline in prices.
2. Large transfers and market sentiment: A huge transfer totaling 300,000 ETH also triggered a strong reaction from the market. This transfer is believed to be in preparation for further selling. The market reacted negatively to this, leading to a price decline.
Technically, Ethereum is currently in a downward trend and has fallen below the 200-day exponential moving average (EMA), approaching the key support level of $2,540. If this support level cannot be maintained, the price may fall further to the $2,300 level.
Overall, the current market sentiment is affected by large-scale selling and potential further selling pressure, and Ethereum may continue to face downward pressure in the short term.
