The price of Ethereum has recently witnessed some decline, after a 40% rise in January, which gave investors an opportunity to buy Ethereum at low levels, although the price of Ethereum reached a high of $1,674 last Saturday, and it is being traded today. Below $1550 due to profit taking by traders.
In this context, the famous digital currency expert, Michael Van de Pop, expected in a recent tweet, today, Wednesday, that there will be a further decline in the price of the Ethereum currency, adding that it is likely that Ethereum will continue its decline towards the level of $ 1450, although the price of the digital currency It might see some bounce from the crucial $1550 support
Michael Van de Poppe explained that the actual bounce for another rally in Ethereum price will only come from below this crucial support level near the $1550 level.
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And the price of Ethereum fell by about 5% during the past 24 hours, to reach a low level of $ 1530, due to profit-taking by traders, as selling whales was one of the main reasons behind the recent decline in Ethereum prices, according to Whale Alert data, A whale sold 24,768 ETH (estimated at around $38 million) on cryptocurrency exchange Coinbase today. Also, a whale has been offering Ethereum for sale on cryptocurrency platforms in the past few days at a value of $200 million.-
Also, the data on the Santiment profit-taking chain confirms that transactions today for Ethereum have risen strongly since the Ethereum price reached a high of $1,674, indicating an increase in profit-taking.
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