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The price of Ethereum has fallen in recent days as some whales continue to sell their tokens.
Ethereum (Ethereum) fell to $3,058 on Monday, November 18, from this month’s high of $3,445. This decline means that it has moved into a local technical correction after falling by 11% from its highest level this month.
Ethereum price action occurred as some whales continued to sell their coins. Data released by LlamaFeed shows that whales have transferred more than $300 million worth of ETH tokens in the past 24 hours. The largest movement of whales Transfer 50,000 Ethereum Tokens worth over $153 million were sold to Kraken and paid a transaction fee of $12.80.
Another prominent whale moved 15,579 tokens Valued at $47.8 million to Coinbase. Transferring tokens to exchanges is usually the first step investors take when liquidating.
Ethereum price also fell as spot ETFs saw outflows for two days in a row. Outflows reached $59.8 million on Friday, a significant increase from $3.24 million the previous day. Overall, these ETFs achieved Value inflows $178 million compared to $27 billion in Bitcoin.
Meanwhile, blockchain technology has continued to underperform other smaller networks in the DEX industry. Trading volume on its DEX networks fell by 4.7% over the past 24 hours to $850 million. On the other hand, Solana (Sol) handled $5.92 billion, while Base, BSC and Arbitrum handled $1.28 billion, $1.27 billion and $992 million.
However, some analysts are optimistic that the price of Ethereum may be about to rebound in the long term. One analyst predicts that the price of ETH will eventually jump to $10,000 in the long term, which would mean a 226% upside from the current level.
Other analysts pointed to more catalysts such as its deflationary nature and the possibility of participating in ETFs now that Trump has won the election.
Ethereum price has bullish technicals
The daily chart shows that Ethereum has some bullish catalysts. It is about to form a golden crossover pattern, as the 200-day and 50-day EMAs are about to form a bullish crossover.
The recent Ethereum price sell-off has also started to lose momentum at the 50% Fibonacci retracement level. Therefore, there is a possibility that the ETH token will bounce back in the coming days. If this happens, the initial target will be at $3,447, the highest level this month. A break above this level suggests further gains to the year-to-date high of $3,972.
