Can Whales Reverse the Potential Decline of Ethereum in December

CoinJiew.com reported:
The mirror of Ethereum’s past patterns is a potential sign of a downturn.
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 watching for any potential price declines.
In 2016, ETH experienced significant drops in April, August, and December.
This year, the cryptocurrency has already experienced declines in April and August, leading analysts to speculate that a similar drop may occur before the end of the year, possibly in December.
Although the pattern indicates a decline, the key level to watch is $2,800. If Ethereum can break through and stay above this point, it may avoid a deeper decline.
However, if it fails to reach the $2,800 level, ETH may test the $2,300 mark by the end of the year, followed by $2,000.
ETH/BTC currency pair fails to break the 50-day SMA
Another key factor is that the ETH/BTC pair has failed to break the 50-day Simple Moving Average (SMA).
In previous cycles, a strong bullish trend emerged once ETH/BTC surpassed this SMA. This has not happened yet, suggesting 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 could further decline in the future.
Traders looking to take advantage of this may consider short positions, as more declines seem possible.
Meanwhile, the Ethereum Foundation
continues to
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 downward trend, whale activity has remained almost unchanged.
Data from Binance shows that 73.14% of accounts still hold long positions in Ethereum, reflecting confidence in its long-term prospects.
While the short-term outlook may be bearish, these major stakeholders indicate that people still believe in an economic recovery.
Once prices stabilize and both ETH/USDT and ETH/BTC reach bottom, traders can find strong long opportunities.
Although Ethereum may experience another decline before the end of 2024, its long-term prospects remain optimistic.
Read
Ethereum [ETH] Price Predictions
2024–2025
Traders should remain cautious in the short term, but once a bottom is confirmed, the possibility of a recovery provides hopeful opportunities for those looking to go long.
Over time, the price trajectory of ETH remains one of the most closely watched in the cryptocurrency space.