Ethereum price analysis after dipping below critical support level; Crypto turns into this Altcoin

Ethereum has seen significant price action over the past week, falling below the $2,000 critical support level on Monday after reaching a yearly high of $2,120 on Friday. This dip sparked discussion from several prominent analysts who follow the Ethereum market.

On-chain analyst LookOnChain reported on X (Twitter) that Cumberland, a large crypto fund, deposited 9,000 ETH ($18.16 million) to Coinbase and Gemini exchanges in the last five hours. Also, Amber, another crypto fund, deposited 10,000 ETH ($20.18 million) to Binance four hours ago.

When big funds put cryptocurrencies on such major exchanges, it means they plan to sell their holdings, putting downward pressure on the price. Cumberland and Amber's recent ETH deposits contributed to Ethereum falling below the $2,000 support.

All facts Crypto in November 2022 with 48.2 million ETH with 62.76 million ETH worth 132.1 billion dollars, currently the top 200 Ethereum wallets.

The growing concentration of ETH among these prominent holders increases their influence on market movements. If a few decide to spend large sums of money, it risks triggering further sell-offs.

Michael van de Pop, a crypto analyst with 670,000 X (Twitter) followers, says he is bullish on Ethereum in the long term after it dropped to $1,800-$1,900.

He predicts that ETH will break out of its 18-month trading range to reach new highs between $3,100-$3,600. So based on this view, the recent drop below $2,000 may prove a buying opportunity before Ethereum continues to rise in the coming months.

ETH is trading at $2,010 at the time of writing.

Ethereum's founder's vision includes privacy and account improvements

In a recent speech in Turkey, Ethereum founder Vitalik Buterin outlined plans to grow the network through technical improvements. He cited the integration of a private Mempool, which allows transactions without publicly revealing users' interests – protecting their privacy and security from potential exploits.

Buterin also referenced ERC-4337, which defines tag abstraction standards. This gives users more control over accounts and makes multi-signature wallets easier to use while strengthening security. If implemented, Buterin said these changes will have a significant impact on Ethereum developers and users.

Therefore, protocol improvements in the coming years could make Ethereum more scalable and provide a more personalized and customizable experience.

Rise of the Bitcoin Minetrix Cloud Mining Platform

Despite the broader crypto market uncertainty, one project that is attracting investors' attention is Bitcoin Minetrix. The pre-sale has already exceeded $4.5 million with high investor interest in this new decentralized cloud mining solution.

With the stage nine presale round closed over four days, the most affordable entry point now offers the token's current price of $0.0119 – a figure that increases by 10% with each subsequent stage of the sale.

Bitcoin Minetrix offers an innovative approach to crypto mining compared to hardware-based methods or the lack of transparency with other cloud services. By purchasing and staking BTCMTX tokens, users earn cloud mining credits in the form of ERC-20 tokens.

These credits are later redeemed for actual Bitcoin mining hash power in Minetrix' green-energy powered data centers. This unique method allows major investors to participate in a sustainable platform with low Bitcoin mining rewards.

Presale participants will not only get access to the stream, but they will also receive up to 141% higher yield before mining begins. And with Bitcoin Minetrix expected to revolutionize the industry, early adopters will benefit greatly if it gains widespread adoption.

For those who want to mine Bitcoin but are worried about the traditional challenges, Bitcoin Minetrix may offer a promising new option to explore.

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