Ethereum price has recorded a slump of nearly 34% over the past month, and is hovering near the brief $1,500 support at the time of writing. However, it seems that the current dip has allowed some traders to enter the ETH market at a discounted price.
For context, F2Pool co-founder Chun Wang has recently made a hefty bet on the second-largest crypto by market cap. This suggests that some market participants are still optimistic about a potential recovery ahead for Ethereum price.
F2Pool Co-Founder Sparks Optimism With ETH Bets
Crypto entrepreneur and F2Pool co-founder Chun Wang is on the investors’ radar today with his latest Ethereum bet. According to the leading on-chain transaction tracking platform, Lookonchain, Chun Wang has accumulated 17,560 ETH today.
The transaction detail showed that he had bagged the Ethereum from Binance, valued at $28.67 million. Notably, this accumulation update coincides with the latest report of Ethereum co-founder Joseph Lubin dumping ETH.
For context, a recent report showed that the wallet linked to Lubin has moved 80,001 ETH, worth $121.6 million recently. Although the intention of the transfer is not yet clear, many deem the update as a potential selling move.
Considering that, the investors are still waiting on the sidelines, awaiting further cues on the potential future movement of Ethereum price.
Ethereum Price Tests $1.5 Support, More Dip Ahead?
The Ethereum transfers come amid a massive selling pressure, which has sent the ETH price to $1,546 at the time of writing. Notably, the crypto has touched a low of $1,506 in the last 24 hours, indicating the bearish sentiment hovering in the market.
Meanwhile, renowned market expert Rekt Capital said that Ethereum price is at risk of a further correction, potentially hitting $1,000 in the near future. In a recent post on X, the analyst highlighted a critical technical breakdown that has shifted the long-term outlook for ETH price.
He noted that the $1,607 level, previously acting as support, is now under close scrutiny. A confirmed monthly close below this threshold, followed by a failed recovery attempt, could transform it into resistance.
Such a move would likely accelerate downside momentum, trigger a steeper decline toward the $1,000 mark. Having said that, the investors should keep a close track of the whale movements, ETF fund flows, and the price movements amid the ongoing volatile scenario in the broader market.
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