Ethereum (ETH) Whale Triggers $59 Million Selling Pressure

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As a seasoned crypto investor with battle-scarred fingers from navigating the volatile market, I find myself watching Ethereum (ETH) with a mix of intrigue and concern. The bullish momentum that once propelled ETH to new heights now seems to be stumbling on a rocky path.

Ethereum (ETH) has been attempting to break free and reach new peaks, but the general mood seems excessively pessimistic right now. The Ethereum price is being turned away at higher levels, and unfortunately, it’s not receiving the necessary backing from significant cryptocurrency investors, often referred to as “whales.

Several significant investors in Ethereum (ETH) have been observed recently offloading their ETH holdings. This development is surprising given that the overall mood in the cryptocurrency market remains optimistic. While Bitcoin (BTC), the dominant coin, continues to maintain its position above $64,000, other altcoins are also showing positive performance. However, Ethereum has yet to show any significant growth.

The activity of whales in selling Ethereum is intensifying, which could potentially prevent an increase in Ethereum’s price. Today, Whale Alert on Twitter reported that a significant investor offloaded approximately 22,480 ETH over the past two days, with a value of roughly $59 million. Such large transactions by whales may be obstructing a potential Ethereum price surge.

Whales go bearish on Ethereum

Over the past two days, Whale Alert reported additional information about some transactions. Specifically, a large Ethereum investor moved approximately 24,000 ETH, equivalent to around $63.07 million, out of staking service Lido. Following this, the same whale transferred 22,480 ETH, or roughly $59.08 million, into Coinbase exchange using several different accounts.

Information from Whale Alert indicates that this particular whale possesses approximately 7,000 Ether, currently worth around $18.37 million. There’s speculation, yet unconfirmed, that this investor may also decide to sell these coins. If they do, it could amplify the selling pressure on Ethereum, the foremost altcoin in the market. This increased selling pressure might then cause a drop in its price.

Currently, Ethereum stands at $2,637 following a minor 1.26% rise over the past day. Though this uptick is welcomed by the community, ETH continues to hover near the $2,600 mark. For a more prolonged price spike and a chance to reach $3,000, it must break free from this current trading range first.

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2024-10-01 16:06