The value of Ethereum (ETH) has fallen sharply in recent months after hitting an all -time high (ATH) in early May before prices fell by more than 50%.
The perspective view, from the $ 4,300 price previously recorded, is now slipping below the price level of around $ 2,000 which has been a concern for investors.
A few days ago, it became a hot topic when an individual with a large crypto holding dubbed by the term ‘whale’ in the crypto community, had transferred a large amount to an unknown wallet with a transaction value of 100,000 Eth worth around $ 181 million, as reported on WhaleAlert’s twitter tweet on July 20th.
🚨 100,000 #ETH (181,944,560 USD) transferred from #Gemini to unknown wallethttps: //t.co/c2iHFWz4Mw
- Whale Alert (@whale_alert) July 19, 2021
After the transaction, Ethereum saw a positive price movement, producing an increase of over 6% in just 24 hours.
In the financial world, a ‘whale’ is an entity that has the power to affect market assets in triggering large -scale transactions.
Examining the ETH/USDT price movement chart, it can be seen that ETH has produced more than 20% jumps starting July 20 until the market opening today.
From a technical point of view, ETH still remained consistent with positive price movements until it managed to break the RBS zone (resistance become support) around $ 2,000 which has been tested several times before.
The next expectation, if the price movement remains consistent, the SBR (support become resistance) zone around $ 2,120 is the next focus to be tested before making a higher rise.
However, if the price movement shows a bearish trend again, the price is likely to decline back to the RBS zone around $ 2,000 to be tested before making a lower decline or it is just a retracement.
At the time of writing, Ethereum is trading around the price of $ 2,054 jumping over 2% in the last 24 hours.
