Ethereum Price Slips Amid Global Market Volatility

Ethereum's price has been affected by the increased volatility in the global financial market, leading to a drop in value to $2,100. This decline is accompanied by a retraction of the crypto market as a whole.

A significant whale movement has also been observed, with 60,001 ETH worth $128.8 million being deposited into Coinbase via Arkham data. If this large sum of Ethereum is sold on the market, it could further strain the already struggling market and increase the risk of a downward trend.

The broader sentiment among U.S. investors appears to be bearish, as indicated by the negative Coinbase Premium Gap for 16 out of the last 30 days. However, whale activity in the Spot side has shown accumulation at the $2.1K level, suggesting some buyers are present in the market.

The technical indicators suggest that Ethereum's price is likely to remain range-bound between $2.1k and $2.3k. If demand from other participants dwindles, a breakdown below this range could see ETH drop to $1980.