Ethereum’s price, bless its little cotton socks, has been teetering around the $1,700 mark. Like a drunk trying to find their keys. Over the last few days. Bless.
It’s tried to break higher, bless it, but failed to gain any significant momentum. Probably just needed a nap.😴
This general malaise has prompted large-scale sell-offs from Ethereum whales, because, you know, why not? They’re just adding to the drama. Like we needed any more.
Ethereum Whales Move To Sell (Like We Didn’t See That Coming)
In the past three days, these so-called “whales” (more like grumpy old men with too much crypto), holding between 100,000 and 1 million ETH, have aggressively sold about 1.19 million ETH. Worth more than $1.8 billion. With a “b”. As in, bollocks.
Their decision to offload significant amounts of Ethereum highlights a shift in market sentiment, as they likely aim to offset potential losses from the stalled recovery. You know, because having billions isn’t enough, apparently. They want *more*. Greedy gits.
With Ethereum failing to gain momentum above the $1,700 mark, these large holders appear to be capitalizing on the current price levels, driving the market lower. Because if they’re going down, they’re taking everyone with them. Cheers, lads. 🥂
The sell-off by these whale addresses signals a lack of confidence in the short-term price movement of Ethereum. Or maybe they just needed to buy a yacht. Who knows? 🤷♀️
The overall macro momentum of Ethereum appears weak, as indicated by the deeply negative MVRV Long/Short Difference of -29%. Ouch. That’s gotta hurt.
This indicator shows that long-term holders (LTHs) are struggling to maintain profitability. So, basically, everyone’s losing money. Except maybe the whales. Bastards.
STHs typically sell quickly after making a profit, which adds to the volatility and bearish pressure on Ethereum’s price. Because, you know, why be sensible? Let’s just panic sell and make everything worse. 🤪
With STHs dominating profits, Ethereum is increasingly susceptible to further declines. As more short-term investors sell off their holdings, it’s likely that Ethereum will face downward pressure, especially if there are no significant catalysts to drive the price upward. So, basically, we’re doomed. Fabulous.
ETH Price Holds Above $1,500 (For Now…)
Ethereum’s price currently sits at $1,570, having failed to break the $1,700 resistance. The altcoin is holding above the crucial $1,533 support level. But given the broader market cues, further declines are possible if bearish sentiment continues. So, hold onto your hats, folks. It’s gonna be a bumpy ride. 🎢
Ethereum could face significant resistance in reclaiming upward momentum. Without support from the broader market or positive news, a drop below $1,533 could extend ETH’s downtrend.
If Ethereum fails to maintain this support, it may drop to $1,429, marking an extension of the ongoing losses. Which would be just brilliant, wouldn’t it?
However, reclaiming $1,625 as support would signal the potential for another attempt at crossing $1,700. If Ethereum successfully breaches this level, it could push towards $1,745, invalidating the bearish outlook and setting the stage for a reversal. So, there’s still hope! Maybe. Don’t get your hopes up too much, though. 🙃
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2025-04-16 14:41