Ethereum Whales Selling Off as Bearish Signal Emerges
Ethereum has been known for its resilience in the face of market crashes, but it seems like the altcoin’s streak may be coming to an end. A bearish signal has resurfaced, threatening the price of this popular cryptocurrency.
Ethereum Whales Reduce Holdings
For years, Ethereum whales have held onto their coins with conviction. However, recent data from Glassnode reveals that the number of Ethereum addresses holding more than 1,000 coins has fallen to 6,082. This is the lowest it has been since 2018, during the bear market.
The Last Time This Happened
In 2018, when Ethereum’s holdings were at a similar level, the altcoin’s price suffered greatly. It plummeted from $1,367 to $80 over the course of a year. The lack of conviction continued into the following year, resulting in a long bearish period for Ethereum.
Sell-Offs Threaten Ethereum’s Price
Ethereum is also facing pressure from massive sell-offs. Recent transactions have seen large amounts of ETH being moved to centralized exchanges like Coinbase and OKEx. This suggests that these whales may be preparing to sell their coins, which could lead to significant selling pressure and potentially push the price below the $1,600 support level.
Hot Take: Will Ethereum Suffer Another Bearish Winter?
With the decline in ETH addresses holding significant amounts of coins and the possibility of impending sell-offs, many are concerned about Ethereum’s future. If history repeats itself, we could see another bearish winter for this cryptocurrency.
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