Ethereum's native token, Ether, is vulnerable after breaching a major multi-year support level, with a potential drop to $1,600, constituting a 25% decrease from current levels. This comes after a significant whale transferred over $237 million worth of ETH to exchanges, coinciding with rising inflows into Binance over the last five days. On the technical front, Ether's price has fallen below the lower trendline of a symmetrical triangle, and the RSI indicates waning bullish momentum. Additionally, large ETH wallets have been offloading or redistributing their holdings, adding to bearish sentiment. Recent on-chain data shows large transfers from two wallets, aligned with a trend of declining supply in the 10,000-100,000 ETH cohort. Despite this bearish outlook, some analysts remain optimistic about Ether's long-term potential, citing supportive technical indicators for a future rally.

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