[Can Ethereum reverse its trend after its recent price decline? 】
Ethereum price has dropped to $2,598, down 1.90% in the past 24 hours, with trading volume rising to $13.31 billion, a 30.23% increase. The market capitalization fell to $316 billion and the circulating supply stabilized at 120.37 million ETH, indicating the possibility of further correction.
Several recent whale transactions have affected market sentiment. One of them, 43,331 ETH (valued at $113 million), was transferred to Coinbase Institutional, causing market speculation that institutional investors may conduct large-scale liquidation or relocation. In addition, two transfers of 25,194 ETH (worth $66.13 million) to Coinbase and 8,487 ETH (worth $22.38 million) to Binance also intensified the selling pressure.
Market maker Wintermute transferred 9,534 ETH (worth $25.05 million) to an unknown wallet, while an address that had been dormant for 9.2 years also transferred 70 ETH, but the impact was relatively small.
Technical indicators show that Ethereum faces strong resistance at $2,634 and support at $2,593, a bearish crossover between the 9- and 21-day moving averages, and an RSI of 28, indicating that Ethereum is oversold and may rebound, but bearish sentiment remains in the short term.
In addition, the Ethereum Foundation recently sold 100 ETH and has sold 3,766 ETH throughout the year. These activities may affect market supply and price stability.
