Ethereum Plunges 7% as Death Cross Signals Bearish Trend
Monday, Jan 27, 2025 3:57 pm ET
1min read Based on the provided news articles, here's a summarized and structured news report on Ethereum (ETH) and the broader crypto market, following the guidelines for a PENN (Pennsylvania) news article:Ethereum (ETH) price has dropped 7% in the last 24 hours, with bearish momentum signaling a potential decline below $3,000. The recent death cross in ETH's EMA lines shows a growing downtrend as sellers continue to take control. If key support levels are breached, ETH could test $2,927 or even fall to $2,358, its lowest point since November 2024. However, a reversal could see ETH targeting resistance at $3,334 and beyond, offering hope for a recovery.The Ethereum DMI chart shows its ADX has risen sharply to 21.5 from 10.2 a day ago, signaling growing trend strength after a period of low momentum. The +DI, representing bullish pressure, has dropped significantly from 19 to 10.9, while the -DI, reflecting bearish pressure, has surged from 21.2 to 38.4. This shift highlights that sellers are now in control, pushing ETH into a clear downtrend.The number of wallets holding at least 1,000 ETH, known as whales, has started to recover after a sharp decline between January 15 and January 19, when the count dropped from 5,690 to 5,663. Currently at 5,685, this figure remains slightly below its recent peak of 5,690, the highest level since February 2024, but still represents a relatively high concentration of whale activity. This recovery in whale activity could indicate increased buying interest, possibly supporting stability or signaling bullish sentiment in the market.ETH’s EMA lines revealed a death cross yesterday, signaling bearish momentum. Over the past 24 hours, ETH has dropped more than 7%. If the downtrend continues, ETH could 
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