Ethereum’s $2,800 Support Breaks—Whales Accumulate Amid Market Fears

Ethereum is at a crossroads trading at $2,769.81 after failing to hold $2,800. The 50-period EMA at $2,918.03 is the next resistance level.

Market analyst Justin Bennett says we need to get back above $2,800 to avoid more downside. Ether has been corrective since mid-2022 so if we don’t get the bulls in control we’re in for more volatility.

Failing to get back above $2,800 could see a bearish continuation down to the next Fibonacci support at $2,645.76 (38.2% retrace). Breaking above $2,800 could ignite the bullish momentum up to $2,949.12 (61.8% retrace).

Whales Buy ETH Amid Price Drop

Despite the bearish trend whales are loading up on ETH. Whale activity has increased, they are long term believers in Ethereum’s value. The group “The 7 Siblings” added more ETH to their holdings, buying the dip.

• Whales Buying the Dip: Big ETH accumulation means they are positioning for the long term.

• Market Volatility Spikes: ETH volume is up 162.07% in the last 24 hours.

• Bearish Sentiment: Despite accumulation sentiment is still cautious as Ethereum can’t hold the support.

$2,800 Level Determines Next Market Move

Ethereum’s near term is dependent on it getting back above $2,800. If it can sustain above this level we could see a move up to $2,949.12 and potentially $3,153.28. But if it can’t then we could see more downside to $2,645.76 and $2,460.92.

At the moment Ethereum is trading at $2,769.81 trying to consolidate after bouncing off the lows. The next few days will be crucial to see if ETH can get back up or if the bearish pressure continues.