Ethereum whales predict altcoin bloodbath, betting on ETH price drop below $400 | Cryptocurrency

  • Investors with large wallets on the Ethereum network are betting that the price of ETH will fall to the $400 level using put options.
  • An order has been placed for 26,000 ETH put options with an exercise price of $400, with options expiring on June 30, 2023.
  • The price of ETH needs to overcome the resistance between the $1300-1400 levels in order to break out of the downtrend.

Ethereum, the second largest asset by market capitalization, is in danger of falling. Based on options data, ETH is expected to fall in the first half of 2023. Analysts remain bearish on this asset.

Also Read: Here’s Why Ethereum Classic Had a Massive Price Bounce Thanks to Hashrate Simulation

Ethereum whales bearish on altcoin

Investors with large wallets on the Ethereum network expect the price of ETH to drop to $400. Colin Wu, a Chinese journalist, recently shared the details of a large 26,000 ETH put option order with an exercise price of $400 and an expiration date of June 30th.

This means that the whales expect the price of the altcoin to fall in the first half of 2023. Traders believe that this is the behavior of crypto whales when managing their tail.

BloFin Data on Ethereum Whales

@TeddyCleps, an analyst and trader, says Ethereum has been testing and retesting resistance for eight months. ETH failed to break it and the current uptrend is not sustainable and the altcoin is likely to exceed its support.

There are two possible scenarios in Ethereum. In the first scenario, the price of ETH reaches $1,280, and in the second, $1,480 is the target of the altcoin.

ETH/USDT price chart

ETH/USDT price chart

Ethereum ecosystem developers at the first All Core Developers Execution (ACDE) meeting agreed to “tentatively” set a March 2023 timeline for Shanghai. changes in the network after the transition from proof-of-work to proof-of-stake.

It is expected that in 2023 the number of Ethereum validators will exceed 500,000. Judging by the metrics within the network, the rate of issuance of new Ethereum coins has decreased significantly. The network has been running on the PoS consensus algorithm for more than three months, and the community is waiting for the Shanghai hard fork and unlocking of the ETH token.

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