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Following the sharp drop in the cryptocurrency market and the price of Ethereum (ETH) on Monday, the price remained relatively calm on Tuesday, but another drop danger was averted. According to predictions, this situation occurred after the sale of Ethereum in a cryptocurrency wallet associated with the Ethereum Foundation.
How Much is Ethereum Worth?
During all this, the price of Ethereum also experienced a decrease of about 2% in a short period of time. This price drop was surprising for investors. As for Monday, we can say that it was not a favorable day for traders. Approximately $100 million worth of long positions were liquidated, resulting in disappointment for investors who trusted their long positions.
It may also be useful to mention that this situation arose in the context of the ongoing conflict between Israel and Hamas and the unsettling situation created by increasing uncertainty in the region. We saw a similar example of this in the past during the Russia-Ukraine war. As of the time of writing, Ethereum has experienced a 0.45% decrease in the last 24 hours and is trading at around $1,585.
Whale Threat in Ethereum
Despite some recovery after Monday, the unease among investors continued. Well-known analyst Ali Martinez, known for his consistent comments, warned his followers with a post on Twitter. In his warning, the analyst mentioned that Ethereum is in a critical zone and highlighted the dangers Ethereum is facing.
Ethereum is hovering above a critical demand zone. Pay close attention as a daily close below $1,530 could be a signal of a sharp correction for ETH.
Martinez added further comments on the situation, emphasizing that 1.59 million addresses previously associated with Ethereum purchased 1.92 million ETH worth $2.9 billion in this price range.
In his statement on Monday, Martinez mentioned that whales have been turning the price rise in their favor since February 2023. In this regard, he pointed out that approximately 5 million ETH, worth around $8.5 billion, has been sold by whales. One of the most concerning situations for the expert is the continuation of the selling structure and the lack of interest from whales in accumulating Ethereum.