Amid the notable price decline across the cryptocurrency market, Ethereum (ETH) has been making waves as it has gained significant attention from crypto investors. The major on-chain analytics firm Coinglass revealed that whales, investors, and long-term holders have been accumulating the token.
Data revealed that exchanges across the world have witnessed a significant $200 million worth of outflows of ETH tokens. This substantial outflow, amid bearish market sentiment, hints at potential accumulation and has the potential to cause heavy buying pressure and further upside rally.
However, this significant outflow from the exchanges began when the altcoin failed to maintain its bullish price action pattern, which it had formed on the daily time frame.
Ether is currently trading near the $2,945 level and has witnessed a price decline of over 8.90% in the past 24 hours. However, despite the current market sentiment and notable price decline, traders and investors have shown strong interest and confidence in the token, resulting in a 90% jump in trading volume.
This is the first time ETH has fallen below the $3,000 level since pro-crypto Donald Trump won the presidential election. However, looking at the current price range, Ether seems to be in an ideal range to buy.
The reason is Trump’s World Liberty’s continuous and significant investment into ETH when it was trading near the $3,400 level.
According to expert technical analysis, with the massive price drop, ETH has reached near its strong support area of $2,800.
Based on the recent price action, if Ether holds above the $2,800 level, there is a strong possibility it could soar by 30% to reach the $3,850 level in the future. Conversely, if it fails to hold this support level and closes a daily candle below $2,800, we could see a price drop of 20% to the next support at the $2,250 level.
This bearish market sentiment has pushed ETH into a downtrend, as it is trading below the 200 Exponential Moving Average (EMA) on the daily time frame.
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