- The price of ETH is trading at $1,100.41 according to CoinMarketCap.
- Large ETH whales accumulated $1.03 billion worth of ETH yesterday.
- Bears may bring ETH’s price below the current support level.
The price of Ethereum (ETH) has fallen 2.74% over the last 24 hours according to CoinMarketCap, taking the price of ETH down to $1,100.41 at press time. This has added to ETH’s negative weekly price movement as the altcoin’s price is now down 12.49% over the last 7 days.
While ETH’s continued price decline may be testing holders’ grit in this bear market, large whales (holding $10.9 million to $1.09 billion) have seen the price fall as an opportunity to purchase ETH at a discount.
ETH whale accumulation (Source: Santiment)
In a tweet made this morning by the blockchain analytics firm, Santiment, large ETH whales added 947,940 more ETH yesterday. This is approximately $1.03 billion at current prices. The tweet added that this is the 5th largest single day add in the past year.
The previous 4 instances of large ETH whales accumulating substantial amounts of ETH saw ETH’s price gain an average of 3.2+% against BTC’s price in the days that followed.
At press time, ETH’s price has weakened against BTC by 0.59% over the last 24 hours. After reaching a daily high at $1,140.70, ETH’s price has retraced since to trade closer to its daily low at $1,084.86.
ETH/USDT daily chart (Source: CoinMarketCap)
When it comes to ETH’s daily chart, the price of ETH has fallen to the support level of $1,105.75 after it dropped from a high of $1,227.07 on November 20, 2022, to its current level today. Bears are currently applying pressure to the $1,105.75 support level as can be seen by the relative positions of the daily 9 and 20 EMA lines. This suggests that the level may not hold.
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