Ethereum Whales Accelerate Sell-Off as ETH Price Struggles
Ethereum has recently experienced a significant downturn, prompting major holders of the cryptocurrency to sell off large quantities of their holdings.
With the price briefly slipped below $2,300 after failing to maintain essential support levels, a sense of unease has overtaken the market. This has resulted in a rush of panic selling among Ethereum’s largest investors.
Notably, in the past few days, several prominent Ethereum wallets have transferred massive amounts of ETH. One wallet transferred 8,074 ETH, equivalent to $19.6 million, while another deposited 10,000 ETH, worth $23.4 million, into Binance. These large moves reflect a growing sense of anxiety within the market, as over 440,000 ETH has been sold by whales just within the last week.
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The turbulence in Ethereum’s price can partly be attributed to a recent hack of Bybit, although the exchange quickly recovered the stolen funds within a few days. On top of this, outflows from Ethereum-based exchange-traded funds (ETFs) have been increasing, with BlackRock’s ETF seeing a significant chunk of the outflows, further heightening negative sentiment around the asset.
Analysts are divided over whether Ethereum’s recent drop presents a buying opportunity or signals further declines. Some see the current price as a potential accumulation zone, suggesting that now could be the time to buy before a rebound toward higher levels. Others, however, predict a bearish outlook, pointing to the lack of any bullish momentum at current support levels and warning that the price could sink lower, potentially even below $1,000, if the downward trend continues.
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.
