Ethereum (ETH) Sheds Off 5% Daily. Is it a Normal Retracement or a Bigger Problem?
The general crypto market is not showing a good sign today, December 18. For instance, popular assets like BTC and ETH are down.This is likely attributed to the latest decision from the U.S. SEC concerning the new rules for digital money. As usual, people became scared and spread negative sentiments.
Ethereum, in particular, felt the heat and shed off almost 4% in just one day. CoinMarkateCap data shows that the drop is not just a one-day thing.ETH has been on a downward movement for the last seven days. It has lost more than 6% of its price.
On the positive side, ETH is still maintaining some gains for the month. CoinMarketCap recorded a growth of 10%. As of 07:20 p.m. EST today, ETH is trading above $2,130, with a large volume of $9.5 billion. This volume is up in the past 24 hours by over 40%.
This implies that there are still more activities and interests in the market.
Ethereum Price ActionSince the start of 2023, the native token of Ethereum has managed to recover most of its losses incurred in 2022. Surprisingly to everyone, a few days ago, the coin even grew to $2,400.
But it's still far below the highest price ever, around $4,800 in November 2021.
Meanwhile, looking at how the coin is performing so far, some experts think it could increase a lot in 2024. Notably, analysts at JP Morgan said that it will overshadow the mother of all crypto Bitcoin.
So, despite the present bearish sentiment, people are still hopeful that ETH will do better next year.
Ethereum Price Analysis: ETH Fall Below $2,158, What's Next?
The chart above shows Ethereum has been in a rollercoaster movement lately. Since October 1, this coin has been riding within a strong upward channel that's taking it to the moon.
Badly for buyers, today, ETH has already broken below this upward channel. After this break, things have become a bit shaky.
The chart shows ETH even slipped below a support level of $2,158. But there's a good sign on the chart. The 50-day and 200-day SMA are hanging out above the market. That's usually a good sign for a bullish trend.
However, the bad part is if the bears start applying more pressure, we might see ETH drop below.
And what that means for ETH is a bearish signal waving at investors. Unfortunately, the MACD indicator is already waving some red flags, too. It's below the signal line, indicating a negative momentum. Even the histogram bars display red colors.
So, to sum things up, ETH is going through a rough patch today. The bitter truth is, if things don't turn around, the price might take a further nosedive. The whole analysis just shows how wild the crypto market can be. So, before jumping in, do thorough research.
Could Whale Move Affect ETH Prices?A few days ago, an analytics company Lookonchain, noticed a quiet Ethereum whale that woke up after a year of sleep. Since this whale woke up, it has gone on a big selling spree.
According to the analytics platform, it has sold 18,865 ETH tokens for 42 million DAI.
Note that the average selling price was $2,229. Meanwhile, about 5,588 ETH is remaining in the whale's wallet. That's about $12.5 million.
A whale that has been dormant for 1 year is dumping $ETH on #DEX!
So far, 18,865 $ETH has been sold for 42M $DAI through 4 new wallets, the average selling price is $2,229.
And currently has 5,588 $ETH($12.5M) left. pic.twitter.com/K6znM7pxxh
- Lookonchain (@lookonchain) December 16, 2023
Another Ethereum whale came back to life during the week. This whale deposited 5,000 ETH worth about $11.3 million to Coinbase. But remember, the intention of this whale is not stated. While some whales are selling, others are buying.
According to crypto analyst Ali, the Ethereum whale bought more than 100,000 ETH worth of $230 million last week. The big question is, how can this whale's movement affect ETH's price? If more whale keeps selling like crazy, it might push the price down.
On the other hand, if those other whales keep buying and stocking up ETH, it might help keep the price stable. So, in a nutshell, the action of these Ethereum whales can have a ripple effect on ETH's price.
But while ETH struggles with imminent downtime, investors aiming for short-term profits could explore a new kid around the block, TG Casino.
Ethereum Alternative to Watch: TG Casino, A Game-Changer in Crypto Gambling
The online gambling market is growing very fast. Many of these companies now love to employ blockchain and crypto technology. TG.Casino is the newest in town with exciting features. Currently, the project is selling its native token, $TGC, in a presale campaign.
This token is what will power the entire TG.Casino platform. This means before you can do anything fun on the platform, you need to own a piece of $TGC token. The presale is making remarkable records.
The project has already gathered more than $4.4 million through this presale, nearing the $5 million target faster.
Why Invest in $TGC Now?This project collaborates with top crypto groups to offer investors a secure and promising opportunity. Plus, they are using blockchain technology to keep people (gamblers) anonymous.This means you can actually play betting without revealing your true identity.
WHALE ALERT
Someone recently bought about $100k worth of $TGC
See you at $4.5 million in a little while
pic.twitter.com/Je4QL2WOgn
- TG Casino (@TGCasino_) December 18, 2023
Moreover, TG.Casino's communities are growing rapidly. It doesn't end there. Someone recently bought a $TGC token worth about $100,000. Act now to be part of this new era in online gaming.
But remember, investing in crypto can be risky, so do your homework before taking the plunge.
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