The article on Bitcoinist provides an analysis of Ethereum's (ETH) performance, highlighting a 2.80% gain over the past week but primarily situating this within a broader downtrend that began in December 2021. During this trend, ETH has suffered a remarkable 57% drop from its peak of $4,100.
Key Insights
Market analyst Ali Martinez notes a significant distribution trend among large holders (whales). Wallets holding 10,000 ETH have declined by 80% in four months. Wallets with 100,000 ETH or more are engaging in substantial sell-offs. The recent data shows a net outflow of $760 million from Ethereum Spot ETFs, suggesting consistent selling pressure. Technical Indicators
Martinez points out concerning technical indicators, including: A break from an ascending triangle pattern on the 3-day charts suggesting possible price targets near $1,000 and $1,440—indicating potential continued decline. A key support level at $1,887; a drop below this could trigger a more severe price drop. Show Less
