Despite accumulating a large amount of Ethereum, whales have not been able to prevent a recent slump in its price. Technical analysis indicates that further declines may be on the horizon.
Ethereum, the second largest cryptocurrency by market capitalization, has been facing downward pressure in recent days despite increased accumulation by large holders. This trend has left many investors wondering what the future holds for the popular digital asset.
According to technical analysis, Ethereum’s price has been on a downward trajectory, with key support levels being tested and potentially broken. This has raised concerns among traders and analysts, who fear that the cryptocurrency may continue to decline in the coming days.
While whales have been accumulating Ethereum in large quantities, their efforts have not been enough to prop up the price. Market dynamics and external factors have contributed to the downward pressure on Ethereum, causing it to struggle in the current market environment.
As investors closely monitor the situation, it remains to be seen whether Ethereum will be able to bounce back from its recent slump. Technical indicators suggest that further declines may be in store, highlighting the need for caution and risk management in the volatile cryptocurrency market.