In the past week, there has been a significant influx of Ethereum holders selling their holdings, resulting in a total of 312,183 ETH being put into exchanges. This amount is valued at $751 million.
The increase in deposits made for exchanging currencies reflects a rise in investor concern, leading market observers to closely monitor any possible changes in attitude.
Moreover, the market performance of Ethereum has been closely examined, revealing a 4.5% decline in trade value over the past week.
Notable support levels for Ethereum are at $1,580, which has traditionally acted as a point of price rebound, and $1,500, where a decline below this level could indicate additional bearish movement. There are two resistance levels to consider for Ethereum.
The first is at $1,800, which has historically seen more sellers than buyers. The second is at $1,900, which Ethereum needs to surpass in order to indicate more buying activity.
