Key Points
Ethereum’s price has recently experienced a decrease.
The price of Ethereum (ETH) fell to $3,058 on Monday, Nov. 18, from its monthly high of $3,445.
This decrease represents a local technical correction, following an 11% drop from its highest level this month.
The price fluctuation of Ethereum occurred as some large-scale investors, known as whales, sold their coins.
Data from LlamaFeed indicates that whales have transferred Ethereum tokens valued at over $300 million in the past 24 hours.
The largest whale transaction involved 50,000 ETH tokens, valued at over $153 million, being transferred to Kraken.
Another significant whale transaction involved the transfer of 15,579 tokens, worth $47.8 million, to Coinbase.
Usually, transferring tokens to exchanges is the initial step investors take when liquidating.
Ethereum’s Performance in the Market
The price of Ethereum also decreased as spot ETFs experienced outflows for two consecutive days.
Outflows were at $59.8 million on Friday, a significant increase from $3.24 million the day before.
In total, these ETFs have seen inflows worth $178 million, in comparison to Bitcoin’s $27 billion.
The Ethereum blockchain has been underperforming other smaller networks in the decentralized exchange (DEX) industry.
The volume processed on its DEX networks dropped by 4.7% in the past 24 hours to $850 million.
In contrast, Solana (SOL) processed $5.92 billion, while Base, BSC, and Arbitrum processed $1.28 billion, $1.27 billion, and $992 million respectively.
Despite the current situation, some analysts are hopeful that Ethereum’s price may rebound in the long term.
One analyst anticipates that Ethereum’s price will eventually rise to $10,000, indicating a 226% rally from the current level.
Other analysts have identified additional catalysts such as Ethereum’s deflationary nature and the potential for staking in ETFs following Trump’s election victory.
Ethereum’s daily chart suggests some bullish catalysts.
The 200-day and 50-day Exponential Moving Averages are on the verge of forming a bullish crossover, known as a golden cross pattern.
The recent Ethereum price sell-off has also begun to lose momentum at the 50% Fibonacci Retracement level.
As a result, there is a possibility that the Ethereum token will rebound in the upcoming days.
If this occurs, the initial target will be $3,447, its highest level this month.
A break above that level could lead to further gains to the year-to-date high of $3,972.
