Key Notes
- ETH price needs to defend $2,800 as immediate support or face further crash to $2,600 and even below.
- Bearish sentiment has been reinforced by heavy selling from large holders, with two Ethereum whales dumping more than $41 million worth of ETH.
- Spot Ethereum ETF outflows surged to $234 million on Dec 15, with BlackRock’s ETHA seeing the most outflows.
Ethereum
ETH
$2 939
24h volatility:
6.0%
Market cap:
$353.61 B
Vol. 24h:
$33.35 B
price has come under strong selling pressure amid the broader crypto market sell-off on Dec. 16.
At the time of writing, ETH is down 6.73% and trading below the $3,000 support level, with analysts forecasting further declines. Selling by Ethereum whales and outflows from ETH ETFs are adding to the bearish sentiment.
ETH Price Can See Further Downside Amid Selloff
With a strong sell-off in the broader crypto market, ETH price has lost its crucial support at $3,000.
Market analyst Ted Pillows said Ethereum has entered a critical technical zone, adding that the asset is currently trading without nearby support levels.
Pillows warned that ETH must reclaim the $3,000 mark to stabilize, or it risks a deeper decline toward levels below $2,800.
Another market analyst, Crypto Patel, shared a somewhat similar opinion. He noted that the ETH price faced a rejection around the fair value gap (FVG) of $3,400. Since then, it has seen a drop to around $2,900.
According to Patel, the $2,600 level is now the most critical support to watch. A confirmed break below that threshold could open the door to an additional decline toward the $2,000 region.
In the short term, he expects bearish continuation in ETH price action.
Despite the negative near-term outlook, Patel said his long-term view remains constructive.
He noted that he is accumulating ETH on spot market dips, targeting a price range of $10,000 to $15,000 over the next one to two years.
Ethereum Whale Dumping and ETF Outflows
On-chain data shows a massive dump coming from Ethereum whales. Market analyst Ted Pillows reported that two large Ethereum holders sold a combined $41.02 million worth of ETH during today’s session.
The selling follows recent outflows from Ethereum exchange-traded funds. This shows that big players are willing to reduce their exposure to the largest altcoin.
On the other hand, outflows from spot Ethereum ETFs shot to a massive $234 million on December 15.
As per data from Farside Investors, BlackRock’s ETHA led most of the outflows, with none of the issuers having any positive flows.
BlackRock’s spot Ethereum ETF saw net redemptions totaling 47,463 ETH, equivalent to approximately $139.26 million on Dec. 15.
Despite the outflows, trading activity remained elevated at $1.3 billion. As per the on-chain data, the asset manager has deposited another 47,463 ETH worth $140 million to Coinbase.
Maxi Doge Meme Coin Raises Over $4.3 Million
Maxi Doge (MAXI), the degen-themed dog meme coin, is making waves in the crypto world, already raking in over $4.3 million in funds. This cheeky meme coin comes packed with community perks, staking rewards, and even a trading group where top performers can earn extra MAXI tokens.
Tokenomics of Maxi Doge
- Token: MAXI
- Price: $0.0002735
- Funds Raised: $4.3 Million
The presale is just getting started, with 40% of the total supply open to public investors and a funding cap of $15.76 million.
Once that cap is hit, the presale wraps up, and MAXI will make its grand debut on decentralized exchanges, ready for everyone to join the doggy fun. Feel free to check out our guide on how to buy Maxi Doge if you’re interested in joining the presale.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/eth-eyes-2800-as-whales-dump-and-ethereum-etfs-see-234m-outflows/
