02.08.2025 21:10

Ethereum experienced a significant price drop, falling below the crucial support level of $3,550 on August 1st. This decline followed a substantial influx of 200,573 ETH into cryptocurrency exchanges, a clear indicator of intensified selling pressure among investors. This surge in exchange inflows, coupled with increased activity from large holders ("whales") and potential insider selling, significantly contributed to the bearish market sentiment.

The breach of the $3,550 support, which had held since mid-July, created a bearish momentum. Market analysts now predict further price declines, potentially pushing Ethereum towards price targets as low as $3,200, or even lower, to the $3,000 range. This downward pressure is further evidenced by a 5.47% decrease in open interest, reinforcing the prevailing bearish outlook.

The combination of substantial exchange inflows, whale activity, and the breakdown of a key support level suggests a weakening market for Ethereum. This situation warrants close monitoring by investors and analysts alike, as the cryptocurrency’s price could experience further volatility in the coming days and weeks. The information provided is from internet sources and should not be considered financial advice.