Will Whales Be Able to Reverse Ethereums Potential December Decline

Coin World Report:
The mirror of Ethereum’s past patterns is a potential sign of a decline.
Over 73% of ETH whales are still holding their ground.
Ethereum [ETH]
As the end of 2024 approaches, the company has been imitating past market patterns, and traders are closely monitoring any potential price declines.
In 2016, ETH experienced significant declines in April, August, and December.
This year, the cryptocurrency has already experienced declines in April and August, leading analysts to speculate that a similar decline may occur before the end of the year, possibly in December.
Although the pattern indicates a decline, the key level to watch is $2800. If Ethereum can break through and stay above this point, it may avoid a deeper decline.
However, if it fails to reach the $2800 level, ETH may test the $2300 level before the end of the year, and then test $2000.
ETH/BTC pair fails to break 50-day SMA
Another key factor is the failure of the ETH/BTC pair to break the 50-day Simple Moving Average (SMA).
In previous cycles, a strong uptrend would occur once ETH/BTC surpassed this SMA. This has not happened yet, indicating that the low point may not be in place.
Past patterns support the view that traders often rush to be bullish without waiting for confirmation.
Currently, competition from other platforms such as Solana and inherent ecosystem challenges are putting bearish pressure on Ethereum.
Based on the current price trend, Ethereum may further decline in the future.
Traders looking to take advantage of this can consider short positions, as there seems to be a possibility of more declines.
Meanwhile, the Ethereum Foundation
Continued
profit-taking, with recent sales of 100 ETH fueling bearish sentiment.
Whales have a long lifespan;
Despite these similarities, Ethereum has undergone significant changes since 2016, including mergers and the 4844 upgrade, making it fundamentally different.
Despite the ongoing downward trend, whale activity has remained almost unchanged.
Binance’s data shows that 73.14% of accounts still hold long positions in Ethereum, reflecting confidence in its long-term prospects.
Although the short-term outlook may be bearish, these major shareholders indicate that people still believe in the economic recovery.
Once the price stabilizes and both ETH/USDT and ETH/BTC reach their bottoms, traders can find strong long-term buying opportunities.
Although Ethereum may experience another decline before the end of 2024, its long-term prospects remain optimistic.
Read
Ethereum [ETH] Price Forecast
2024–2025
Traders should remain cautious in the short term, but once a bottom is confirmed, there is a hopeful opportunity for those looking to go long.
Over time, the price trajectory of ETH remains one of the most watched in the cryptocurrency field.