In recent weeks, Ethereum’s price has dropped by over 12%, raising concerns among traders. However, it found support at its low point of $2,312 and subsequently rose by 5% to reach $2,438 following daily fluctuations. This volatility coincided with news of a significant “whale” selling additional Ethereum 
$3,587 from the ICO.
Whale Sells 6,000 ETH
According to blockchain analysis firm LookOnChain, an anonymous ICO whale recently sold approximately 6,000 ETH for around $14.11 million. The whale still holds 99,500 ETH, valued at $238 million at current prices. These large-scale sales have fueled concerns over price corrections among traders.
Investor sentiment towards Ethereum is weakening due to declining trading volumes and spot ETF initiatives. Over the past week, Ethereum’s derivative trading volume decreased by 34.97%, falling to $21.94 billion. This drop indicates reduced market interest and a potential decrease in liquidity, which may signal a negative outlook or a consolidation phase.
Ethereum Support Levels
With Ethereum’s recent decline, its price has slipped into a critical support range between $2,440 and $2,252. If the ETH price closes above the midpoint of this range at $2,340, it could signal stability and lay the groundwork for a potential recovery. Market analysts suggest that surpassing the resistance level of $2,564 could initiate a rally towards $3,000 and even $3,500.
The performance of Bitcoin 
$96,627 is crucial for this rally potential. A stable range of $61,000 to $62,000 for Bitcoin could support Ethereum and other altcoins, boosting trader confidence.
Ethereum co-founder Vitalik Buterin has proposed reducing the minimum ETH staking requirement from 32 ETH to 16 ETH to strengthen the ecosystem. This move aims to encourage greater participation in Ethereum’s proof-of-stake network.
Buterin’s suggestion is intended to foster a more flexible and participative market structure amid current challenges. Traders believe such measures could provide long-term stability for the Ethereum ecosystem.
Recent developments in Ethereum are causing fluctuations in the cryptocurrency market, highlighting the need for cautious approaches among traders. Changes in fiat monetary policies and the movements of large whales play a significant role in determining Ethereum’s price trajectory.
The recent increase in Ethereum’s supply and significant sell-offs offer important insights into market health and future price movements. Monitoring these dynamics can be beneficial for traders making strategic decisions.
