#Ethereum
📉 Ethereum on the verge: falling to a 2-month low and the return of the legendary whale
Ethereum ($ETH ) is struggling with another correction in the crypto market. Today, the asset price fell just above $2,000, renewing the minimum for the past two months. The coin has already lost 17% from its monthly high ($2,425).
Analysts and on-chain data indicate a dramatic situation in the market, but there is also a ray of hope. Main theses from the market:
🚨 Risk of falling below $2,000 and mass liquidations
Critical limit: After $ETH successively broke through the support levels of $2,400, $2,300, $2,200 and $2,100, the last one to fall was the level of $2,050. Popular analyst Ted Pillows warns: if ETH loses the psychological mark of $2,000, it will be only a matter of time before global lows are renewed.
Brutal liquidations: According to CoinGlass, over $250 million in long positions (longs) on ETH were liquidated in a day (only Bitcoin lost more — $380 million). CW analyst notes that the market has cleared of high leverage, which may bring relative stability in the near future.
🐋 Silver lining: the return of the OG whale
While small traders panic, big players are starting to act. The Lookonchain platform recorded the return of the legendary investor (Ethereum OG):
10 years ago, this whale received 12,001 ETH at a price of just $7.58 per coin.
Over a year ago, he recorded a profit, selling the asset for $2,856 and earning $34.2 million (376x the initial investment).
What now? The whale is buying again! He has already invested over $8 million in ETH at a current price of around $2,050.
🔍 What's next?
Analyst company Santiment Intelligence believes that this level of fear and the catching of the "bottom" by large players could be just the trigger needed to reverse the upward trend. However, for now, the atmosphere in the market remains bearish.
