No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I must admit that Wednesday’s surge in Bitcoin and the overall market was nothing short of exhilarating. However, my optimism for Ethereum hitting a new All-time high (ATH) is starting to wane due to recent whale activity.

On Wednesday, the cryptocurrency market experienced a significant increase in demand, coinciding with Donald Trump’s election victory as the 47th U.S. President. Leading the charge was Bitcoin, which rose by 8.8% to reach an unprecedented high of $75,400, spurring growth within the altcoin market. Yet, the price of Ethereum may face challenges in reaching a new all-time high, as a large cryptocurrency investor (often referred to as a crypto whale) continues to sell off their ETH.

As of the deadline for this report, Ethereum (ETH) is being traded at approximately $2,647, representing an increase of about 9.89% within the day. According to CoinGecko, Ether’s market capitalization currently stands at a staggering $319.2 billion, and over the past 24 hours, the total trading volume has reached $38.169 billion.

Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum

On November 6th, the cryptocurrency market saw a strong surge in value following Donald Trump’s election as the 47th President of the United States, with him gathering the required 270 electoral votes. During this rally, a significant player in the crypto market, known as a “whale,” moved 25,000 ETH (approximately $65.63 Million) from their holdings to the Kraken exchange at an average price of around $2,625 per Ether.

As reported by Lookonchain, this significant investor has disposed of approximately 90,000 Ether out of a total holding of 150,000 coins, at an average price point of roughly $2,527 each. This sale amounts to a staggering value of around $227.45 million.

Breakdown of the Whale’s ETH Sales: 

  • July 2019: Sold 5,000 ETH at $218 ($1.09M).
  • June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
  • September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
  • November 2024: Sold 25,000 ETH at $2,625 ($65.63M).

historically, the sale of whales (large investors) has often occurred around significant market peaks, causing a pessimistic atmosphere in the market. Under current conditions, where supply is pressing hard, the Ethereum price may find its recovery momentum stalling and have difficulty reaching a new record high.

在今天的大幅上涨后，通过 ICO 获得 15 万枚 ETH 的鲸鱼又准备出售一部分 ETH：过去 40 分钟里他将 2.5 万枚 ETH ($65.63M) 转进了 Kraken。

To date, he has sold 9,000 ETH worth approximately $227.45 million, which he obtained through ICOs at an average price of $2,527 per ETH:

— 余烬 (@EmberCN) November 6, 2024

ETH Chart Analysis Shows Porlong Consolidation Within Triangle

For the last 3 months, the estimated value of Ethereum has been moving horizontally, fitting into a symmetrical triangle shape. This price movement stayed between two lines that were converging towards each other, suggesting that neither buyers nor sellers have been in control.

Today, the Ethereum (ETH) price has surged significantly, reaching $2,661. It’s currently holding within a triangle formation and is just 3% shy of a significant breakout. If sellers persist in resisting this resistance level, the Ether price may pull back once more, potentially extending its sideways movement.

Consequently, a push past the current resistance level could empower buyers to dominate the Ethereum market again. If the Ethereum price manages to exceed this level and close the daily candle, it would fuel a bullish trend, potentially propelling the price beyond $3,500.

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2024-11-06 22:28