Ethereum blood bath reached $2900 at the end of this week with a low risk of 8.88%

Ethereum's price decline will be interrupted by critical supports and the crypto market crash at $3,000. Will the decline reach $2,600 this Sunday?

With last Sunday's bullish and 1.75% jump, Ethereum owners are not expecting a crash this week. However, the Mt. Gox Bitcoin payment release, the crypto market will fall to critical levels.

The release of high fees from Mt.Gox security in 2014 has increased supply pressure in the broader market. With such a large supply in the market, all major altcoins, meme coins, AI tokens, etc.

As buyers struggle to absorb the selling pressure of the earnings, the largest altcoin, Ethereum, drops below the $3,000 level. So, will the Ethereum price forecast to reach $10,000 come true or will this crash lead to a revised market forecast?

Ethereum price performance

Witnessing the timing of the landslide, Ethereum's falling price will struggle to find a place of support in this market downturn. As HODLers continue to stall shortly after, the ETH price will break through the $3,000 mark.

Marketing perspective

With a 16.42% decline this week, bearish patterns and signals dominate the Ethereum price chart. The exhausted bears will start bleeding on an evening star formation for a range split attempt at $3,460.

With a 16% decline in 4 days, including a 6% internal decline, the price of ETH breaks below a long-term support trend. Amidst the decline, major altcoins and meme coins such as Solana, DOGE, SHIB, etc. have seen a 15% or more decline this week.

With increased momentum, a breakout of the trendline will push Ethereum into the next support level at $2,875. Additionally, the fall will ignite a bearish level in the MACD and signal lines under the zero line.

Whale activity triggers Ethereum price drop and strategic maneuvering.

A whale recently caused a stir in the crypto market by dumping 26,600 ETH ($82.5 million) to settle a debt on Aave at $3,102, marking a 3.4% drop in the price of Ethereum. Following this, the whale created a new wallet and borrowed US$80.9 million from Ave. This strategic move aims to capitalize on inflation.

The whale's current health rating is 1.9, with a liquid price of $1,625, indicating a calculated risk of exploiting this large position.

Addresses included:

0x931433324e6b0b5b04e3460ef3fb3f78dda3c7210xa339d279e0a3a9ede11eceac2ec9529eebdae12c

In addition, many Ethereum whales are on the verge of facing ETH liquidation stored in Aave and premises. In the past two hours, three whales submitted a total of 28,558 ETH ($82.2 million) to Binance and were sold to pay off debt.

Whaling Addresses:

This rush to pay off debt and eliminate liquidity will increase pressure on major ETH holders and have broader implications for crypto market stability.

Will $ETH reach $2,616?

When Ethereum's price action forms a triple black raven pattern in the daily chart, it is more likely to fall. With increasing selling pressure, the stress at $2,875 will grow, indicating a breakdown.

Currently, the price of ETH is trading at $2,866, which leads to a bearish signal for an extended breakout. However, daily closing improves signal strength for spot traders.

A breakout rally could lower Ethereum by 10% to reach the $2,616 level.