The price of ethereum has retreated in recent days as some whales continue to sell their tokens.
ethereum (eth) retreated to $3,058 on Monday, November 18, from this month's high of $3,445. This pullback means it has entered a local technical correction after falling 11% from its highest level this month.
The ethereum price action occurred as some whales continued to sell their coins. LlamaFeed data shows that whales have moved over $300 million worth of eth tokens in the last 24 hours. The largest movement of whales moved 50,000 eth tokens valued at over $153 million to Kraken and paid a transaction fee of $12.80.
Another notable whale moved 15,579 chips worth $47.8 million to Coinbase. Moving tokens to exchanges is usually the first step investors take when liquidating.
ethereum price also fell as spot ETFs experienced capital outflows for two consecutive days. Capital outflows totaled $59.8 million on Friday, a big increase from $3.24 million the previous day. Together, these ETFs have achieved <a target="_blank" href="https://sosovalue.com/assets/etf/us-eth-spot” target=”_blank” rel=”nofollow”>ticket value $178 million compared to bitcoin's $27 billion.
Meanwhile, blockchain has continued to underperform other smaller networks in the DEX industry. The volume handled on its DEX networks fell 4.7% in the last 24 hours to $850 million. In contrast, Solana (SOL) managed $5.92 billion, while Base, BSC and Arbitrum managed $1.28 billion, $1.27 billion and $992 million.
Still, some analysts are optimistic that ethereum's price may be poised to recover in the long term. One analyst expects eth price to eventually jump to $10,000 in the long term, implying a 226% rally from the current level.
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Other analysts cited more catalysts such as its deflationary nature and the potential for betting on ETFs now that Trump has won the election.
ethereum Price Has Bullish Technicals
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The daily chart shows that Ether has some bullish catalysts. It is about to form a golden cross pattern as the 200-day and 50-day exponential moving averages are about to form a bullish crossover.
The recent ethereum price sell-off has also started to lose momentum at the 50% Fibonacci retracement level. Therefore, there is a chance that the eth token will recover in the coming days. If this happens, the initial target will be $3,447, its highest level this month. A break above that level will signal further gains to the year-to-date high of $3,972.
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