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Ethereum 
$2,523 price surpassed $4,000 briefly in 2024 after a long downturn.
Analysts predict further potential declines in Ethereum’s price.
Whale activity significantly impacts Ethereum’s market dynamics.
After the peak in 2021, Ethereum experienced a prolonged downturn until mid-2023. By 2024, signs of change emerged as ETH briefly surpassed $4,000 for the first time in a long period. This price movement was primarily driven by Bitcoin 
$104,473 reaching its ATH. Despite a subsequent price increase linked to the spot Ethereum ETF, today’s different ETH outlook continues to unsettle investors.
Will Ethereum’s Price Drop?
Recent declines in Ethereum have paralleled the market, but underlying factors suggest this trend might continue. ETH, which had a steep drop from its price level above $3,000 in recent months, now seems to be in a different phase.
Analysts also comment that Ethereum’s decline could deepen, potentially worrying market participants further.
First, well-known analyst Ali Martinez pointed out the market’s uncertainty by highlighting whale activity. He explained the behavior of investors holding over 10,000 ETH using Glassnode data.
Martinez stated:
#Ethereum whales stopped accumulating $ETH at the beginning of July. Since then, they have been selling or redistributing their #ETH holdings.
Martinez’s statement revealed that whales, a fundamental part of the market, lost confidence in the price and exited the market by selling aggressively.
Following Martinez, TheoTrader also mentioned that his plan for ETH was progressing and indicated how the price direction would shape if everything went as planned.
#ETH
If everything goes as planned, we will see ETH below $2,000 very soon.
How Much is 1 Ethereum in TL?
After analysts’ bearish comments, ETH’s price showed a neutral trend following days of decline. As of the time of writing, ETH fell to $2,276, failing to surpass the $2,300 level after a 1% drop in the last 24 hours.
This decline could be significantly influenced by whale activities, as Martinez pointed out. Sales by whales might also affect individual investors, leading them to short sell and further drive down the price.
Looking at the ETH/TRY pair, the price was reflected as 77,840 TL, indicating a 1.14% drop in TL terms.
