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The Ethereum price has plunged 11% in the last 24 hours to trade at $2,370 as of 7 a.m. EST on a 61% pump in trading volume to $38 billion.
The ETH price fell victim to a sweeping market rout that hit the majority of altcoins, with the overall crypto market down more than 6%.
It also coincided with Binance reportedly selling around 25,000 ETH between 8:00 AM and 10:00 AM UTC at an approximate price of $3,200 per ETH, amounting to about $80 million in Ethereum transactions.
The token swaps were primarily carried out with Symbolic Capital Partners and Wintermute.
✅ Binance keeps selling massive amounts of $ETH & $SOL via market maker Wintermute.
Ethereum Price Support Signals Potential Rebound On Support Zone
Ethereum (ETH/USDT) is currently hovering around a major support zone near $2,232 – $2,433, an area that has strongly supported price consolidation and potential rebounds. The market indicates a bearish bias, as seen by the breakdown from a descending channel (or “bearish channel”) and a failure to sustain momentum above resistance levels.
Despite these bearish signals, the support in this region remains critical, and the price reaction here will likely shape Ethereum’s trajectory over the coming days and weeks. A key point of interest is the Relative Strength Index (RSI), now near 34.47, approaching oversold territory.
The $2,232 – $2,433 zone is a pivotal point. If buyers manage to defend this region, Ethereum may attempt a rebound, with the first major upside target around $2,800, where recent price action has encountered selling pressure.
ETHUSDT Analysis Source: Tradingview
Beyond that, $3,200 is a stronger resistance level, reflecting prior peaks and a significant pivot area. A decisive move above $3,200 could signal a more pronounced bullish reversal, potentially attracting fresh buying interest and triggering a new leg up.
Conversely, a breakdown below $2,232 would weaken the market’s structure and could invite additional downside toward $2,000 or even lower, as stop-loss orders get triggered and selling accelerates. In such a scenario, traders might look to lower support zones around $1,800 – $2,000 for potential accumulation, but sentiment would likely remain cautious until the market shows signs of stabilization.
A short-term bearish structure (descending channel break) versus a long-term consolidation support zone could spark a rebound if defended successfully. The RSI reading further underscores the possibility of a short-term bounce, but follow-through buying will be crucial to confirm any meaningful reversal.
Best Wallet Presale Zooms Past $10.5 Million – Next Crypto To Explode?
Even as the Ethereum price plunges, investors are flocking to buy the Best Wallet (BEST) presale, which has already raised over $10.5 million in funding.
Best Wallet is a vast digital asset management platform supporting over 60 blockchains that allow users to manage multiple Web3 wallets securely.
🚀 Tokens of the Week 🚀
Here are three trending tokens making waves right now:
One standout feature is its Upcoming Tokens section, which flags the hottest presales in the market to customers. It’s established a good track record, recommending early meme coins like Catslap (SLAP) and Pepe Unchained (PEPU), which both delivered huge returns to early investors.
Its latest recommendation is BTC BULL Token (BTCBULL), a new meme coin that is giving away Bitcoin to token holders via milestone-based airdrops when the Bitcoin price hits new all-time highs.
Crypto analyst and YouTuber Crypto Gains, who has over 141K subscribers, predicts that BEST could surge 10X following its launch.
Investors can also stake their BEST tokens for a huge 153% annual return. About 173 million tokens are already staked.
For those who are interested, BEST tokens can be purchased using either crypto or bank card.
Buy before a price hike in a bit more than one day for the best deal.
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Author
Charles is a journalist with a deep passion for blockchain technology. Having personally benefited from it, he shares accurate and reliable insights, staying updated on the latest industry trends.
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