Ethereum Breaches the Support Level of $3,500 by Trading at $3,438.76 at the Press Time

Bitcoin ($BTC) is leading the declining trend but ETH, specifically, has its downfall credited to an ICO whale who just moved tokens worth $20 million to Kraken.

Ethereum (ETH) price analysis reveals a downtrend with ETH price breaching the $3,500 support level. Currently, ETH is trading at $3,438.76, showcasing a decline.

The downtrend is spearheaded by Bitcoin (BTC) price action, displaying a 0.23% loss. However, ETH price decline is largely attributed to the movement of an ICO whale, who recently transferred tokens valued at $20 million to Kraken.

This whale, who participated in the ICO at an average price of $0.31, now holds 139k Ethereum tokens, valued at around $476 million, spread across three wallets. The total investment for these tokens was $46.6k.

In the last two days, the ICO whale has shifted 10k tokens, valued at $35.4 million, out of the three wallets. Notably, ETH price has dropped by 2.60% over the last 24 hours and 2.19% in the past 7 days.

Despite the downtrend, ETH has shown some resilience, gaining 10.395% in the last 30 days and is expected to continue trading within a narrow range.

According to technical analysis, ETH price is displaying a downtrend, and traders can expect the token to trade between $3,387.34 – $3,520.19 in the next 30 days.

The highest ETH price is expected to reach $3,520.19, showcasing an increase of 2.66% from the current price, with an anticipated volatility of 4.64%.

This trend indicates a weaker momentum for a significant uptick, but ETH price could still hold up well in line with Ethereum price prediction, which anticipates the token to close 2024 at approximately $5,000.