Ethereum Whales Buy Dip Amid Bearish Sentiment; Price Could Drop to $1714

Ethereum's price has been under significant downward pressure, reaching a yearly low recently. Despite this, large investors, often referred to as "whales," have been actively buying the dip, accumulating over 110,000 ETH in the past 72 hours. This buying activity suggests a potential rebound amid the ongoing bearish sentiment.

However, the strong selling pressure has been overwhelming the market, with sellers firmly in control. The persistent positive netflows observed in Ethereum's exchanges indicate a market skewed towards selling, a clear sign of sustained bearish sentiment. The Taker's buy-sell ratio has consistently remained below 1, indicating that more sell orders are being filled as compared to buy orders, placing ETH at a precarious position that could lead to further losses.

Recent analyses suggest that Ethereum is under heightened downward pressure. The cryptocurrency has experienced a bearish crossover on the MACD indicator within the last 24 hours, suggesting a strengthening downward momentum. Allegations of a potential death cross emergence could forewarn a significant downturn, potentially exceeding 20%, consistent with prior market cycles. If this pattern repeats itself, we could witness ETH dropping to around $1,714.

In summary, while Ethereum whales are actively buying the dip, the overwhelming selling pressure indicates a challenging landscape for the cryptocurrency. The potential for further declines remains significant. Investors are advised to monitor market conditions closely as they unfold, particularly in light of technical indicators suggesting a continued downtrend which may lead to a test of the $2,000 support level.