With Bitcoin’s dominance waning, cryptocurrencies like Ethereum (ETH), which typically follow Bitcoin’s trajectory, have been seeing significant drops in their price momentum. The total market capitalization of Ethereum fell by billions a few days ago due to a massive sell-off made by large-scale investors from different crypto exchanges.
Despite the bearish sentiment, investors are now looking forward to promising opportunities within the ETF trading sector offered by leading platforms like ETFSwap (ETFS). This shift would serve as a more stable investment alternative amid the volatile market.
Ethereum New Support Levels Identified by Crypto Analyst Amidst Downturn
Since the beginning of the month, Ethereum has stagnated in value, witnessing a price decline of 17.98%. The cryptocurrency’s market capitalization, which was at its highest around $569.58 billion, has dropped to $356.2 billion, marking a decline of over $200 billion.
Additionally, the blockchain analytics platform Lookonchain unveiled a series of transactions made by multiple crypto whales. According to the crypto platform, four whales had sold off $106 million worth of ETH during the general market drop.
The first crypto whale had dumped 17,206 ETH valued at $57.3 million, while the second deposited 7,976 ETH worth about $26.6 million into an exchange. Following this, a third investor unloaded 4,000 ETH valued at $13.32 million, and finally, a fourth whale, recognized as an Alameda/FTX-owned wallet, sold off 2,500 ETH, totaling $8.33 million.
These massive Ethereum (ETH) sell-offs have possibly contributed to the cryptocurrency’s recent downward spiral. At the time of writing, the price of ETH is trading at $2961, reflecting a 17.32% decrease over the past seven days, according to CoinMarketCap.
While Ethereum is still struggling to get back on its former bullish momentum, crypto analyst Ali Martinez has revealed key support zones for the cryptocurrency.
Martinez has cautioned investors to keep an eye on critical support zones for Ethereum between the price of $2,000 and $2,430. He disclosed that in this range, about 9.37 million addresses would hold almost 52.83 million ETH tokens at an average price of $2,218.
Whales Dominate ETFSwap Presale to Exploit ETF Trading Opportunities
While Ethereum experiences a massive exodus, ETFSwap (ETFS) whales are doubling down on their efforts to acquire ETFS tokens in its presale stage. With Bitcoin’s price down and Ethereum showing no signs of a potential recovery soon, investing in ETFs is the best option for investors looking to make considerable profits.
Through ETFSwap (ETFS), investors can conveniently trade all kinds of ETFs while also enjoying numerous trading benefits. For example, holders of the ETFS token are granted governance rights, which allow them to influence and contribute directly to the ecosystem’s future growth and development. Additionally, investors who purchase ETFS tokens for trades can take advantage of ETFSwap’s 10x leverage on all trades to amplify their returns on investment.
This platform takes users security and privacy seriously, harnessing the power of blockchain technology to boost security and transparency. Moreover, it eliminates the need for KYC requirements and allows users to trade seamlessly while maintaining anonymity.
Presently, more than 19.5 million ETFS have been sold, underscoring the increase in investor’s demand and interest in this trailblazing token. By purchasing this token at a lower price of $0.00845 on the first stage of its presale, investors can access ETF trading in different sectors, including technology, commodity, energy, and more.
With the presale set to end in the next 20 days, the price of ETFS will quickly increase to $0.01831 by the second stage of its presale. So, investors will have less than a month to invest in this futuristic project poised to revolutionize the ETF market.
For more information about the ETFS Presale:
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