Ethereum is at a crucial point as a large whale deposit has sparked concerns about selling pressure. Earlier today, a whale moved 15,000 ETH (worth $38.4 million) to Kraken, raising fears of a possible price drop. In the past, this whale has triggered significant declines, like in late July when they sold 10,000 ETH, leading to a 7.6% drop, and another 15,000 ETH sale in August caused a 2.5% fall.
Currently, the whale still holds 26,639 ETH, and many fear this could result in another sell-off. Despite these concerns, Ethereum has performed well over the past two weeks, rising from $2,150 to $2,564âa 19.28% increase.
Experts believe if the current upward trend continues, Ethereum could reach $2,800, supported by the 100-day EMA, and possibly climb to $3,000 or even $3,500. On the flip side, if the selling pressure persists, Ethereum could drop back to $2,000. It's also worth noting that the ETH supply on exchanges has hit 21.43 million ETH, suggesting more traders are preparing to sell.
âĄïž Key levels to watch:
- Bullish move: $2,800 â $3,000+
- Bearish correction: $2,000 support
With both upward and downward forces in play, will Ethereum hit $2,000 or $3,000 by the end of the month? Keep a close watch on whale activity and important price levels.#Write2Earn! #ETHđ„đ„đ„đ„ #Write2Earn! #ETHETFsApproved
