ETH Price Analysis: Ethereum Briefly Loses $1,200, Whales Quietly Add to Holdings Amid Price Drop

• Ethereum (ETH) has fallen slightly below the $1,200
• At the time of publication, ETH was changing hands at $1,170, down 3.85% in the last 24 hours
• ETH whale and “shark” addresses have increased their holdings by 3.5%

The cryptocurrency market is presently experiencing another bout of selling. Ethereum (ETH) has fallen slightly below $1,200 as the crypto market responds to the news that institutional lender Genesis has been unable to meet its $1 billion liquidity injection so far. At the time of publication, ETH was changing hands at $1,170, down 3.85% in the last 24 hours. Santiment refers to the $1,200 price point as a “psychological support level.” Data from Santiment revealed that sharks and whales have ramped up their ETH holdings in the last 13 days. This might imply that these large holders haven’t been deterred by the market’s bearish price action. Santiment notes whales and “shark” addresses holding between 100 and 100,000 ETH have increased their holdings by 3.5%. This category of addresses now holds the largest percentage of Ethereum’s supply since July 2021.

Key Levels
Resistance Levels: $1,700, $1,500, $1,300
Support Levels: $1,000, $800, $500

ETH/USD Daily Chart: Ranging

ETH/USD Daily Chart

ETH/USD is currently under pressure near the $1,170 level. After dropping below the crucial $1,300 level, ETH saw an increase in selling, and it has yet to significantly recover above the key support level of $1,200. Meanwhile, the no. 2 cryptocurrency is not oversold, as indicated by the relative strength index (RSI) 35 zone.

So far, ETH’s bearish attempt to break through the $1,000 threshold has been unsuccessful, which added to the selling pressure on the crypto. With the stronger resistance ahead at $1,300-1,350, ETH has more downside potential.

ETH/USD 4-Hour Chart: Ranging

ETH/USD 4-Hour Chart

The ETH/USD price is expected to move sideways in the near term before turning up in the direction of the moving average (MA 50 at the $1,225 level). The bulls might target $1,300 right away in the new week, and a breach would put a move into the $1,500 psychological zone.

Nevertheless, bearish short-term analysis and negative sentiment support sellers in their pursuit of oversold conditions for the time being, though some price correction is possible. Upticks above the horizontal level of $1,200 are expected to present stronger opportunities to rejoin the bullish market in the ensuing session.

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