- ETH price broke out of the support level of $4,389.69.
- Ted Pillows hinted that there could be a new dip buying zone between $3,700 and $3,800.
- A whale wallet panic sold 1,000 Ethereum tokens.
ETH price was set for a support margin of around $4,300, but the token has broken that level. It is anticipated that the price will further decline in the days to come. A whale has reportedly sold Ethereum tokens worth more than $72 million. Simultaneously, another whale engaged in panic sales days after buying at a low ETH price.
ETH Price Breaches Near Support Margin
ETH price had a support level of $4,389.69 when it was hovering around $4,500. However, Ethereum token has broken that margin by declining to $4,154.02. This reflects that the Ethereum token has plummeted by 7.05% in the last 24 hours. It is now estimated that ETH price could fall to a lower value instead of positively reacting to the 25 bps rate cut.
The ETH price also reflects a decline of 8.02% in the last 7 days and 12.23% in the last 30 days. Thereby, establishing a breakout beyond the daily chart triangle. The crucial resistance mark of Ethereum token is at $4,529.56, slightly above $4,482.93, which is an alternative resistance zone. Ongoing volatility is 2.98%, FGI is 45 points, and overall sentiments are bearish around ETH price.
Whale Activity Amid Heavy Liquidation
Ted Pillows, a notable opinion leader, highlighted that a whale sold Ethereum tokens worth $72.88 million. Ted added that the sale was made just moments ahead of the market dump. Ted Pillows earlier noted that ETH was trapped in a liquidity level of $4,100. He then added that a dip between $3,700 and $3,800 could be his new buying zone.
The whale activity comes at a time when funds worth $635 million have been liquidated in just 24 hours. Selling cryptocurrencies worth millions of US Dollars is attributed to the rising global economic uncertainty and the intention of profit-taking. It has also been reported that funds worth $1 billion were liquidated from the crypto market in 60 minutes.
Panic Selling at Low Price
According to a report by Lookonchain, a whale wallet 0x3c9E engaged in panic selling of 1,000 Ethereum tokens. They were worth approximately $4.19 million at the time of the transaction. Lookonchain noted that the whale wallet 0x3c9E has often engaged in buying high & selling low.
Lookonchain traced the whale wallet’s activity to the past 2 months to confirm its report. It earlier underlined the sale of 7,800 Ethereum tokens for a collective total of $34 million at that time. The whale wallet 0x3c9E had engaged in panic selling at that moment as well.
All eyes are on ETH price reclaiming the resistance margin of $4,389.69. A movement in a different direction could bring the dip buying zone to the range of $3,700 and $3,800.
The contents of this article are neither recommendations nor advice for crypto trading and investment. Research and risk assessment are crucial.
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Millions Liquidated From Cryptocurrency Market Amid Global Crypto Price Fall
Source: https://thenewscrypto.com/eth-price-breaks-support-margin-as-red-trades-continue-new-buying-zone-soon/
