Ethereum struggles for Market Oxygen
Ethereum has been unable to hold recent gains despite the recent stability in the crypto market.
The super altcoin traded at about $1,925, posting a modest 0.5% gain over the previous day. The 50-day and 200-day moving averages were $2,300 and $3,000 respectively, thus confirming the long-term bearish trend.
The most recent performance of ETH has been even more agonizing, especially when the digital asset dropped to less than $1,800, its lowest level since November 2023. Market action showed the altcoin resumed its upward trajectory two years later after plunging below $1,000 during the bear market in 2022.
Price action highlighted the altcoin has failed to breach its 2025 highs despite multiple attempts to surpass the $4,000 target in 2024
Most recently, in mid-December, it was rejected. Since then, the price of Ethereum has experienced a sharp decline, culminating earlier this week with a decline below $1,800 (for the time being). Ethereum consequently lost all of its gains following Trump’s election victory and fell to its lowest points since November 2023.
However, Santiment data showed a recent surge in the number of large Ethereum holders, with the total amount held in this category reaching 19.59 million Ethereum. This comes five days after whales amassed more than 420,000 ETH.
This could indicate a resurgence of confidence among major players. Historical data showed price recoveries frequently happen after such accumulation. ETH Whales often purchase dips to bolster their positions.
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