Ethereum Sees Major Outflow From Mega Whales – ETH Price Drops Below $2,600
20 Août 2024 - 1:00AM
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The crypto market has been challenging, and Ethereum (ETH), the
second-largest cryptocurrency, is no exception. Despite its
dominant position, the token has faced significant headwinds in
recent weeks, with its price showing no signs of a sustained
recovery. Key Metrics Point To Continued Bearishness According to
crypto analyst Ali Martinez, some of the largest Ethereum whales,
holding over 10,000 ETH, have been steadily selling their tokens
over the past month, with no indication of slowing down. This
mass exodus of large investors has contributed to ETH’s 26% price
drop over the last 30 days, narrowing its year-to-date gains to
just 55% – making it one of the weaker-performing tokens in this
timeframe. The selling pressure from these Ethereum whales has been
a key factor in the token’s ongoing consolidation at the bottom of
the range it has experienced over the past seven months.
Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It
Gain Bullish Momentum? This bearish sentiment surrounding ETH is
further exacerbated by the TD Sequential indicator, which has
presented a sell signal on the cryptocurrency’s hourly chart,
potentially intensifying the current downtrend. Looking ahead,
Martinez has identified key support levels that could come into
play if the Ethereum price continues its downward trajectory.
According to Martinez, a crucial support zone to watch is between
$2,300 and $2,380, where 1.62 million addresses have purchased over
50 million ETH. Maintaining this level will be crucial for
bulls to prevent another sharp crash, similar to the one seen
earlier this month, which saw the price retrace to the $2,100 level
– a level not seen since February. Potential Price Upside For
Ethereum Ahead? Despite these bearish factors painting a dark
picture for the second-largest cryptocurrency on the market, market
researcher Leon Waidmann claims that a significant development has
emerged that could signal a potential bullish shift for Ethereum.
The researcher explained in a recent social media post on X
(formerly Twitter) that, for the first time, the ETH balance on
cryptocurrency exchanges has dropped below 10%. This marks a
notable milestone, as the amount of Ethereum held on exchanges is
now lower than that of Bitcoin (BTC). Waidnmann said: The fact that
there is significantly less ETH on exchanges than BTC is a highly
encouraging sign. It suggests that Ethereum investors are
increasingly withdrawing their tokens from trading platforms,
potentially indicating a shift away from short-term speculation and
towards long-term hodling. Related Reading: XRP Price Set To
Breakout: Will It Trigger A Strong Rally? Ultimately, the next move
for the ETH price remains to be seen, whether the bulls or bears
will get the upper hand, decide the next short-term movement for
the token, and break the current consolidation phase. At the
time of writing, ETH trades at $2,580. Featured image from
DALL-E, chart from TradingView.com
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