Will Ethereum Price Break Downtrend With Support from Whale Movements?

Ethereum price: Amid the current market sell-off, the Ethereum coin witnessed a notable correction with the price falling from $4091 to $3060. This 25% downswing recently hit the 38.2% Fibonacci retracement level, a tool projecting the crucial support for an asset to rebound. However, as Bitcoin price faces additional supply pressure from the increasing outflow from spot ETF, the altcoins are at risk for further downfall.