Ethereum Price Correction: The Aftermath of Whales Selling

CRYPTO_NEWS ETH

The crypto market has been in a state of flux in recent days, with Ethereum experiencing a significant price correction that has seen its value drop from a high of $1,710 to a low of $1,460 in the past 11 days. This sudden and steep decline has been the talk of the town among crypto investors and traders, who are trying to understand the underlying causes of this correction. Whales Appear to Sell Ethereum While market conditions can play a significant role in price corrections, the behavior of Ethereum whales can be a key factor. On-chain data shows that during this 11-day period, whales holding between 100,000 to 1,000,000 ETH sold or redistributed approximately 350,000 ETH, worth $560 million. 

 

This massive outflow of Ethereum could have significantly impacted the price correction that the asset has experienced. Source: Santiment The recent price correction has placed Ethereum in a precarious position, as evidenced by IntoTheBlock’s Global In/Out of the Money Around Price (GIOM) model. The model reveals that the second-largest cryptocurrency by market cap has lost a crucial area of support at $1,600 and now faces a significant challenge in terms of recovering from this decline. 

 

The next significant support area sits at $1,330, where over 6.18 million addresses had previously purchased 12.63 million ETH. Source: IntoTheBlock However, all is not lost for Ethereum just yet. To end the current downtrend, Ethereum price needs to rebound quickly and reclaim the $1,600 barrier as support. This could be a turning point for ETH price and potentially set the stage for a climb toward the $2,000 mark. The post Ethereum Price Correction: The Aftermath of Whales Selling appeared first on BeInCrypto. 

 

Source : [Ethereum Price Correction: The Aftermath of Whales Selling](beincrypto.com/ethereum-price-correction-aftermath-whales-selling/) by Ali M. - BeInCrypto by Ali M. / February 13, 2023

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

Automata ICO Limited, a Company incorporated in Ireland with its registered office at 3rd Floor Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, D07 Ee37, Ireland registered in Ireland under number 690280 has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing, we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS.

Automata ICO Limited, a Permanent Establishment incorporated in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.