Ethereum's price is under pressure after falling below a vital multi-year support level, with predictions of a potential drop to $1,600. A significant whale recently transferred over $237 million in ETH to exchanges, contributing to bearish sentiment. This aligns with a technical analysis that highlights Ether's failure to break above key resistance levels. The latest data shows an increase in ETH inflows to exchanges like Binance over five consecutive days, while the supply held by larger wallets has declined, indicating a redistribution by major holders. Despite this bearish outlook, some analysts believe a recovery to $4,000 could occur, identifying potential catalysts in upcoming market movements. However, caution is warranted as current indicators reflect a continuation of downward pressure on prices.

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