{"id":436366,"date":"2024-10-24T21:30:28","date_gmt":"2024-10-24T16:00:28","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=436366"},"modified":"2024-10-25T01:17:29","modified_gmt":"2024-10-24T19:47:29","slug":"ethereum-faces-december-drop-but-can-whales-turn-things-around","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-faces-december-drop-but-can-whales-turn-things-around\/","title":{"rendered":"Ethereum&#8217;s potential December drop &#8211; Can whales turn things around?"},"content":{"rendered":"<ul>\n<li><em>Ethereum mirroring past patterns is an indication of a potential drop.<\/em><\/li>\n<li><em>More than 73% of ETH whales are still holding their positions. <\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\">Ethereum [ETH]<\/a> has been mirroring past market patterns as the end of 2024 approaches, with traders watching closely for any potential price drops.<\/p>\n<p>In 2016, ETH saw significant drops in April, August, and December.<\/p>\n<p>This year, the cryptocurrency has already experienced declines in April and August, leading analysts to speculate that a similar drop could happen before year-end, possibly in December.<\/p>\n<p>While patterns suggest a dip, the key level to watch is $2,800. If Ethereum can break and holds above this, a deeper dip may be avoided.<\/p>\n<figure id=\"attachment_436400\" aria-describedby=\"caption-attachment-436400\" style=\"width: 2510px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741.jpg\"><img decoding=\"async\" class=\"wp-image-436400 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741.jpg\" alt=\"\" width=\"2510\" height=\"1604\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741.jpg 2510w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741-300x192.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741-1024x654.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741-768x491.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741-1536x982.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741-2048x1309.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114741-1200x767.jpg 1200w\" sizes=\"(max-width: 2510px) 100vw, 2510px\" \/><\/a><figcaption id=\"caption-attachment-436400\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>However, failure to move towards the $2800 level could see ETH test the $2300 mark then $2000 before year-end.<\/p>\n<h2><strong>ETH\/BTC pair&#8217;s inability to break above the 50-day SMA<\/strong><\/h2>\n<p>Another key factor is the ETH\/BTC pair&#8217;s inability to break above the 50-day simple moving average (SMA).<\/p>\n<p>In previous cycles, once ETH\/BTC moved above this SMA, a strong bullish move followed. This hasn&#8217;t happened yet, which suggests the low might not be in place.<\/p>\n<p>Past patterns support the idea that traders are often too eager to flip bullish without waiting for confirmation.<\/p>\n<p>Currently, competition from other platforms like Solana and inherent ecosystem challenges are adding bearish pressure on Ethereum.<\/p>\n<p>Based on the current price action, Ethereum may have further downside ahead.<\/p>\n<figure id=\"attachment_436399\" aria-describedby=\"caption-attachment-436399\" style=\"width: 2450px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659.jpg\"><img decoding=\"async\" class=\"wp-image-436399 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659.jpg\" alt=\"ETH \" width=\"2450\" height=\"1604\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659.jpg 2450w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659-300x196.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659-1024x670.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659-768x503.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659-1536x1006.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659-2048x1341.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114659-1200x786.jpg 1200w\" sizes=\"(max-width: 2450px) 100vw, 2450px\" \/><\/a><figcaption id=\"caption-attachment-436399\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>Traders looking to capitalize on this could consider short positions, as more declines seem likely.<\/p>\n<p>At the same time, the Ethereum Foundation has <a href=\"https:\/\/x.com\/solidintel_x\/status\/1849095966462263780\">continued<\/a> to take profits, with recent sales of 100 ETH contributing to the bearish sentiment.<\/p>\n<h2><strong>Whales remain long\u00a0<\/strong><\/h2>\n<p>Despite these similarities, Ethereum has undergone major changes since 2016, including the Merge and 4844 upgrade, making it fundamentally different.<\/p>\n<p>Despite the ongoing downtrend, whale activity shows little change.<\/p>\n<p>Data from Binance indicates that 73.14% of accounts still hold long positions on Ethereum, reflecting confidence in its long-term prospects.<\/p>\n<p>While the short-term outlook may be bearish, these large holders suggest that there is still belief in a recovery.<\/p>\n<p>Once the price stabilizes and both ETH\/USDT and ETH\/BTC establish their bottoms, traders could find strong buying opportunities for the long term.<\/p>\n<figure id=\"attachment_436379\" aria-describedby=\"caption-attachment-436379\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-scaled.jpg\"><img decoding=\"async\" class=\"wp-image-436379 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1319\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-300x155.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-1024x527.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-768x396.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-1536x791.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-2048x1055.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/20241024_114715-1200x618.jpg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-436379\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<p>While Ethereum may face one more drop before the end of 2024, its long-term outlook remains optimistic.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\">Ethereum&#8217;s [ETH] Price Prediction<\/a> 2024\u20132025<\/p>\n<hr \/>\n<p>Traders should stay cautious in the short term, but the potential for a recovery offers promising opportunities for those looking to go long once a confirmed bottom is in place.<\/p>\n<p>ETH\u2019s price trajectory remains one of the most closely watched in the crypto space as the year winds down.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum may drop further, but long-term prospects remain bullish for recovery.<\/p>\n","protected":false},"author":98,"featured_media":436471,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427,6428],"class_list":["post-436366","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum&#039;s potential December drop - Can whales turn things around? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"However, failure to move towards the $2800 level could see ETH test the $2300 mark then $2000 before year-end.\" \/>\n<meta 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