The leading altcoin, Ethereum (ETH) 
$2,486, has recently dropped below the $2,000 mark, resulting in a market value loss of $46 billion in just one week. During this period, ETH experienced a decline of 10.64%, making it one of the weakest performing major altcoins. While technical indicators suggest that ETH has entered an oversold territory, the selling pressure from whale-level investors continues to affect the price.
Whale Moves 7,000 ETH to Exchange
As the price of Ethereum fell, significant activity occurred within the network. On-chain data revealed that a long-dormant Ethereum whale moved ETH that had been held since the ICO era. This whale transferred 7,000 ETH (approximately $13.8 million) to the Kraken exchange.
This transaction took place at a time when ETH had dropped to around $1,760. Although the price has since rebounded to approximately $1,900, the whale still retains 30,070 ETH (about $50 million). Experts warn that if this new whale continues selling, it could create a domino effect leading to a more substantial drop in the altcoin’s price.
Critical Support Level for Ethereum: $1,591
For the first time in two years, the ETH price has fallen below its realized price. At the time of writing, ETH was trading at $1,917, below the realized price threshold of $2,058. This indicates that the average Ethereum investor is experiencing losses.
Historically, when ETH drops below its realized price, it typically enters capitulation phases. Currently, the most crucial support level for the altcoin is $1,592. If the price falls below this level, an additional 4.8 million ETH would enter into losses, potentially triggering a new wave of declines.
