Ethereum (ETH) which is one of the most popular altcoins is currently facing major issues, falling to below the $2,000 level and suffering a staggering $46 billion reduction in market capitalization just one week. The loss, which totals 10.64 percent, puts that it is among the most shaky major altcoins, and the constant pressure to sell from large-scale investors causing its troubles.

What Caused the Whale to Move 7,000 ETH?

In the midst of this tumultuous this time, an Ethereum whale, which had assets that had been held since the initial coin listing (ICO) in the year 2000, transferred 77,000 ETH (approximately $13.8 million) into Kraken. Kraken exchange. This transfer was in conjunction with the price of Ethereum plummeting to $1,760.

Is $1,591 the Breaking Point for Ethereum?

The current cost of ETH is $1,917, which is substantially lower than its real-time cost of $2,058. This suggests that a lot of investors are suffering losses, which is causing the market to become unstable. In the past, when ETH was trading below its actual price, it usually signaled the beginning of capitulation, with $1,592 being regarded as a crucial support limit. A fall below this level could result in more declines, which could affect the further 4.8 million ETH.

The market losses for Ethereum was $46 billion during one week.

A whale of a certain size moved 7700 ETH into Kraken.

The price currently is considerably below the realized.

$1,591 is the critical support level.

The continued selling of large holders could result in larger decreases in the value of the altcoin and create ripples in the cryptocurrency market, impacting the future outlook of Ethereum’s stability.