Crypto Whales Unload Ethereum: Market Shakeup Ahead?
Throughout the year, significant holders of Ethereum (ETH), known as crypto whales, have steadily reduced their ETH positions, according to insights from analyst Ali Martinez.
Martinez highlights how these deep-pocketed ETH holders have seized opportunities during price rallies to offload millions of ETH. Notably, there’s no sign that these Ethereum whales plan to alter their strategy in the near future.
Since February 2023, #Ethereum whales have capitalized on surging prices, offloading or redistributing over 5 million $ETH — equivalent to roughly $8.5 billion.
Notably, this selling trend continues with no current indication of a shift towards #ETH accumulation yet. pic.twitter.com/Oz3Lct3hbL
— Ali (@ali_charts) October 9, 2023
Starting in February 2023, Ethereum whales have made the most of surging prices, redistributing over 5 million ETH, which translates to approximately $8.5 billion.
This trend of selling persists without any indication of a shift toward accumulating more ETH. Martinez is also monitoring cluster addresses that acquired ETH at prices between $1,528 and $1,571, revealing that 1.58 million addresses collectively purchased 1.92 million ETH.
This could indicate a significant downward correction if Ethereum’s price falls below the lower range of this bracket.
READ MORE: Coinbase Director Uncovers Alarming Tether Activity at FTX
Ethereum currently hovers just above a critical demand zone, with a close eye needed on the situation. A daily close below $1,530 could signify a substantial correction for ETH. At the time of this update, ETH is trading at $1,568.
In the case of Bitcoin (BTC), Martinez anticipates a decline to lower levels after BTC broke out of a symmetrical triangle pattern on the two-hour chart. Based on the triangle’s dimensions along the y-axis, a 5% correction in BTC is expected, potentially driving its value down to $26,200.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
