Categories: Crypto NewsNews

Ethereum might fall under R9.8k, as the crypto bear continues

Published by
Nonhlanhla P Dube

As crypto’s turbulent June comes to a close, Ethereum appears to be on the verge of a sharp correction. Market participants are flocking to exchanges to liquidate their holdings, while Ethereum has little to no support.

Ethereum is facing lower lows

As selling pressure intensifies, Ethereum is poised for a major price change.

Over the last four days, the price of the world’s second-largest cryptocurrency has dropped by more than 20%. On June 26, it reached a local high of R21K before falling as low as R16.6K. Notably, Ethereum fell below the critical R16.3K mark on June 18, and losses could worsen as downward pressure appears to be increasing.

According to Glassnode on-chain data, the amount of Ethereum held on known cryptocurrency exchange wallets has surged dramatically. Since June 26, about 193,000 ETH worth approximately R3.2 billion has flooded into trading platforms. The increase in exchange balances coincides with recent price declines, implying a sell-off.

Ethereum Exchange Balance

Furthermore, transaction history demonstrates that Ethereum lacks the demand required to prevent further losses. The next big level of support for Ethereum is R9.8K, where 12.8 million addresses possess 9.55 million ETH. This interest zone is critical because market players may sell their assets to avoid becoming “out of the money.”

Transaction History for Ethereum

The most crucial Ethereum resistance level is currently at R18.3k, where 468,000 addresses have previously acquired more than 7 million ETH. A daily candlestick close above this level might invalidate the bearish forecast, potentially resulting in a rally to R21.3K or even R24.6K.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: Ethereum
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