Ethereum continues to face increasing pressure in the market after a whale sold 10,000 ETH on April 8. The sale, valued at $15.7 million, has intensified concerns about Ethereum’s short-term price direction and investor sentiment.
The cryptocurrency has now breached key support zones, including a long-held ascending trendline and significant horizontal levels. ETH is trading near $1,465, and technical analysts have highlighted $1,475 as a critical support level.
Should Ethereum close below this support on the daily chart, analysts foresee a potential 30 percent price correction. This could result in ETH dropping closer to the $1,000 region if the bearish momentum continues this week.
Ethereum’s fall below the 200-day Exponential Moving Average on the daily timeframe further confirms the bearish sentiment. This technical signal reflects persistent selling activity and suggests dominance by bearish traders across major exchanges.
Source: Tradingview
Large Whale Exit Deepens Selling Pressure as Market Sentiment Weakens
The whale responsible for the recent ETH sale had accumulated the holdings between October and November of 2022. According to Lookonchain, he purchased ETH at an average price of $1,292 and sold for $1,571 each.
The investor earned $2.75 million but failed to capture the potential $27.6 million peak gain from his ETH sale. The information was disclosed on April 8 via a post on X, formerly known as Twitter.
This sell-off appears to have triggered a wave of concern among market participants already affected by the declining trend. Trading activity for Ethereum reached a 65% decline across the previous day.
The investigation indicates market participants delay their trading decisions due to worldwide market conditions. The US major trade dispute with several nations maintains market uncertainty throughout all investment elements.
A further decline in ETH’s price may follow if the asset fails to hold the $1,450 level. Traders are watching closely as the price action unfolds and market volatility increases into the new week.
Conclusion
Ethereum is under pressure as technical indicators weaken and large investors exit their positions. The coming days could prove critical if bearish momentum persists and trading activity continues to decline.
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