Ethereum Is Looking for a Reversal
Ethereum (ETH) has declined by 8.2% this week, currently trading at $2,548, after slightly recovering from a dip to $2,387 on August 28. This rebound has generated some optimism among investors, as the $2,500 support level appears to be holding strong. However, market speculation is rife following reports from Lookonchain that a large whale sold 5,088 ETH at a loss of $3.66 million. This move suggests that the whale might be anticipating further declines in ETH prices.
Given the current market dynamics, the key question is where ETH might head next. If the $2,500 support level fails to hold, the downside scenario could see prices tumbling to $2,000. However, a more realistic scenario may involve ETH seeking a reversal between $2,000 and $2,500 per coin.
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