Ethereum Finds Support After Price Plunge, But Analyst Cautious on Strong Rebound

The Ethe­reum (ETH) price reache­d a support zone betwee­n $3050 and $3150 after a substantial 10% decline occurre­d yesterday. This downward moveme­nt aligns with completing an ascending harmonic patte­rn on the chart. However, a pseudonym crypto analyst expresse­s skepticism about witnessing a strong upward momentum or substantial growth in the­ near future, citing the general market conditions as unfavorable.

The chart de­monstrate Ethereum’s de­clining valuation trajectory since early April’s comme­ncement. However, the $3050-$3150 range has acte­d as a stabilizing support. This level holds significance; a bre­ach below could potentially signal further downside for Ethereum.

Ascending harmonic patterns are the type of charts used by technical analysts in identifying potential price reversal. It is a pattern formed through a series of high and low, which creates a special structure. In the Ethereum case, it seems like the ascending harmonic pattern has been completed.

However, the analyst believes that the overall market sentiment might not provide a strong pump and growth for Ethereum. The cryptocurrency markets, in general, have been bearish over the past weeks, and this may impact negatively on Ethereum prices.

Crypto Whales Dump $106M Ethereum

On April 13, 2024, Lookonchain, an on-chain analytics firm, published a post in X (formerly Twitter) stating that during yesterday’s market downward movement, these major crypto whales disposed of over 31683 Ethereum, costing $106 million, into decentralized exchanges (DEXs).

As for the Ethereum dump, Cumberland put down 17206 ETH at $57.3 million into DEXs. However, another institution, Alameda Research/FTX, dumped a huge amount of money worth $8.33m, which is equivalent to 2,500ETH, into Binance. Meanwhile, wallet addresses OxC3f8 and Ox1717 deposited onto Binance and other DEXs a large number of ETH valued at $26.6m(7976) and ($13.32m (4000)) respectively.

Since almost mid-April, when price resistance on ETH was close while Gold reached its all-time high, crypto giants and institutions have been watching over ETH deposits within DEXs since April 9th.

Currently, ETH is trading at the price of $2945. In the last seven days, ETH has suffered a minor downfall of 11%, but over the past 30 days, it has gone down by a significant 26%, with prices falling from $3,990 to the current price level.

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