Ethereum Whales Pause Buying, Price Could Drop Below $2,200
Ethereum (ETH) fell nearly 10% on February 25. The decline pushed its market value below $300 billion, the first time it has fallen to that level since early November 2024.
Multiple indicators, including RSI And move averages to show bearish momentum. As Eth navigation this downturn, market observers are looking for signs of a sustained decline or potential reversal.
RSI shows oversold status of Ethereum
After dropping to 21.3 a few hours ago, the RSI of ETH is currently 29. This marks the first time since February 3 ETH enters oversold territoryindicating that sales pressure is very high.
RSI measures the speed and changes of price changeshelp traders determine excessive bearing or overselling conditions. RSIs below 30 usually indicate an asset is oversold, while assets over 70 indicate it is oversold.
With ETH’s RSI of 29, this suggests that sales momentum may run out and potentially lay the foundation for short-term rebounds. However, oversold conditions do not always guarantee immediate price recovery.
If bearish sentiment persists, ETH may continue to face downward pressure Before any major reversal occurs. in turn, If the buyer intervenes in these oversalesrelief gatherings can be held.
ETH whales fall after reaching their highest level in one year
The number of ETH whales (addressed at least 1,000 ETH) has steadily increased last month, reaching 5,828 on February 22, the highest level since February 2024. However, this uptrend has recently reversed, and now it has a slightly downward trend. 5,812.
This shift suggests that some large holders have begun to lower their positions, Possible to lead to recent sales pressure on ETH.
Tracking ETH whales is crucial because they control a large portion of the total supply, thus affecting the trading activities of price movements. When whales increase in populations, it usually indicates accumulation, which can support price stability and even drive rallies. Instead, a decrease indicates distribution, which may lead to increased sales pressure.
Recent decline Eth Whale numbers may indicate cautious emotionsmay emit short-term weaknesses.
However, the total number is still relatively high, indicating that while some whales are unloading, there are still a large number of them holding their position, which may help cushion any sharp drops.
Ethereum may soon be below $2,200
Ethereum prices have recently formed a death crossthe short-term moving average exceeds the long-term moving average, which marks a bearish trend.
Following this pattern, Ethereum’s price fell by $2,500, reflecting an increase in sales pressure. If this downtrend continues, ETH may drop further to $2,159, down below $2,200 for the first time since December 2023. The death cross shows that bearish momentum is dominant and should be cautious as the downward pressure may continue.
But, if Ethereum manages to reverse this trendit can try to break the resistance at $2,551. Successfully overcoming this level could pave the way for a $2,850 rally.
To make this reversal happen, buying pressure will need to increase, pushing the short-term moving average toward the long-term average. Before this happens, the death cross indicates that bearish sentiment is still strong.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
