- Ethereum Whale’s recent ETH trade shows a major loss amid market turbulence.
- Ethereum faces bearish pressure, with potential support at $2,447.
In recent market turbulence, a significant whale transaction has captured attention. The whale deposited 8,825 ETH (approximately $24.1 million) to Binance, leaving a remaining 10,619 ETH (around $28.5 million) with an estimated total loss of $15.7 million, marking a 23% decline on the ongoing third ETH trade, according to whale tracker, SpotOnChain.
Previously, this whale had been successful, earning about $38 million (+26.7%) from two ETH trades between November 2022 and May 2024. However, a missed opportunity during the August 5 crash exacerbated the current losses.
Meanwhile, Ethereum is currently trading in the $2,500 range, with trading volume up by 32% over the past 24 hours. Despite a bullish trend over the last three days, peaking at $2,820 on August 24, the bears have taken control today. Over the past month, ETH has declined by 18%.
Analysts suggest that if bearish momentum continues, ETH might test the 0% Fibonacci level at $2,718. A failure to maintain this level could lead to further declines.
In the past 24 hours, other significant whale activities include a transfer of 7,496 ETH (approximately $20 million) from Binance to an unknown wallet, 12,573 ETH (about $33.8 million) from an unknown wallet to Coinbase and 8,824 ETH (around $24 million) from an unknown wallet to Binance.
Can ETH Bulls Make a Comeback?
The daily chart indicates Ethereum remains in a bearish trend, with the 9-day Exponential Moving Average (EMA) at $2,658. The daily Relative Strength Index (RSI) is at 44, nearing an oversold condition.
If bullish momentum resumes, the next resistance levels are projected at $2,912 and $3,231. Conversely, persistent bearish sentiment could push ETH down to $2,574, with potential support at $2,447. Traders and investors are closely watching for signs of strength or possible reversals in the days ahead.
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