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The Ethereum price plunged over 4% in the last 24 hours to trade at $1,793.95 as of 6:01 a.m. EST as investors sell their holdings in the crypto.
The ETH price has been in a negative trend over the past 7 days, recording a drop of more than 11% during this period. This pullback has resulted in major losses for a particular whale, according to Lookonchain.
In an X post earlier today, the on-chain analytics platform noted that a whale withdrew 2,774 ETH from Binance in the last 24 hours. This same whale has withdrawn a total of 16,415 ETH from Binance since Feb 11 last year, and is currently sitting on an unrealized loss of over $13 million.
A whale withdrew another 2,774 $ETH($5.27M) from #Binance 11 hours ago.
Since Feb 11, 2024, this whale has withdrawn a total of 16,415 $ETH($43.9M) from #Binance at an average price of $2,676, and is currently sitting on a loss of over $13M!https://t.co/1UrVpTOyMI pic.twitter.com/JuMarghDgO
— Lookonchain (@lookonchain) April 3, 2025
Ethereum Price Trades In A Negative Range
Daily chart for ETH/USDT (Source: TradingView)
The Ethereum price has been trading within a descending channel for the last few days after printing a series of lower lows and lower highs during this period. Should the leading altcoin continue to trade in this negative range, it could end up testing the support at $1,750.70. A drop below this technical safety net could then lead to ETH falling to as low as $1,500.74.
However, traders identifying the current Ethereum price as a buy opportunity could lead to a more bullish scenario playing out. Buyers might start to push ETH up to the closest resistance level at $2,021.48 in this alternative case. Continued pressure from bulls should ETH reach this barrier could then propel the altcoin leader’s value all the way to $2,333.93.
Technicals Warn The Ethereum Price Could Keep Falling
From a technical perspective, indicators on ETH’s daily chart warn the Ethereum price might continue to drop in the next 24 hours. Traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), which are both currently showing bearish warning signs.
In the last 48 hours, the MACD line has started to drop towards the MACD Signal line. While the current alignment of the MACD above the MACD Signal line could be seen as bullish, the narrowing gap between the technical indicators suggests time is running out for buyers to prevent the altcoin from entering a short-term negative cycle.
Should the MACD line fall below the MACD Signal line in the coming 24 hours, traders might react negatively to the technical event and start shorting ETH. This could lead to some sell side pressure in Ethereum’s order books.
Meanwhile, the RSI line’s positioning below its Simple Moving Average (SMA) suggests bears currently have the upper hand against bulls on ETH’s chart. As such, it might not take too much pressure from sellers to push the Ethereum price further down.
While Ethereum price technicals flash bearish, investors are flocking to buy new layer-2 Solana token Solaxy (SOLX).
According to the influential crypto YouTube channel 99Bitcoins, which has over 725K subscribers, SOLX has the potential to soar 10X after launch.
Scaling Solana To New Heights – Is SOLX The Best Crypto To Buy Now?
Solaxy is the first layer-2 scaling solution for the Solana ecosystem, and its timing could not be more perfect.
In recent months, the Solana mainnet has become congested due to the soaring hype around SOL-based meme coins. Even US President Donald Trump tried to profit from the hype around these cryptos with the launch of Official Trump (TRUMP) at the start of the year.
Solaxy aims to prevent more downtime for Solana. One of the ways it does this is by bundling transactions on its own layer-2 chain using technologies called rollups before submitting the batches of transactions to the Solana network for final validation.
Solaxy’s method of processing transactions has been tried and tested within the Ethereum ecosystem by Arbitrum and Optimism, and has been proven to be a successful way to increase overall transaction efficiency for a layer-1 blockchain.
In addition to scaling Solana, Solaxy will also bridge the network with the Ethereum blockchain. This will create a new and improved Web3 infrastructure that can comfortably cater to the growing needs of meme coin and decentralized app developers.
Solaxy’s Presale Goes Parabolic With $29 Million Raised
Investors are rushing to buy SOLX at presale prices, which has seen the project rocket past $29 million in early-stage funding.
Investors interested in participating in the blockbuster ICO can acquire SOLX via the simple widget embedded on the project’s website. Selling for $0.001682, SOLX can be bought with either crypto or bank card.
To snare the best deal, buy before a price hike in less than 5 hours.
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