Crypto Whales Have Sold $8.5 Billion Worth of Ethereum Since February 2023, Analyst Says
An analyst reveals that large Ethereum holders, known as crypto whales, have been steadily selling their ETH holdings throughout the year. These deep-pocketed investors have taken advantage of price rallies to unload over 5 million ETH, equivalent to approximately $8.5 billion.
According to the analyst, there are currently no indications that Ethereum whales will change their behavior in the near future. This ongoing selling trend suggests that these investors have no plans to accumulate more ETH at the moment.
Cluster Addresses Signal Potential Correction for Ethereum
The analyst also examines cluster addresses that bought Ethereum at prices between $1,528 and $1,571. The data shows that 1.58 million addresses acquired 1.92 million ETH within this range. If the price drops below $1,530, it may indicate a significant corrective move for Ethereum.
Bitcoin Faces Lower Levels After Breaking Symmetrical Triangle Pattern
The analyst predicts that Bitcoin will experience a downward trend after breaking out of a symmetrical triangle pattern on the two-hour chart. Based on the height of the triangle’s y-axis, a potential correction of 5% is anticipated, with BTC possibly reaching $26,200.
Hot Take: Crypto Whales Continue to Offload Ethereum Amidst Price Rallies
Crypto whales have been consistently selling their Ethereum holdings throughout the year, taking advantage of surging prices. This behavior indicates a lack of interest in accumulating more ETH at this time. Additionally, cluster addresses that bought Ethereum within a specific price range suggest a potential correction if the price falls below a critical level. Bitcoin is also expected to experience lower levels after breaking a pattern on its chart. These trends highlight the ongoing dynamics of the crypto market and the actions of influential investors.
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