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Ethereum Whale

Ethereum Bulls Persist Despite Whale Selling Pressure: What’s Next?

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  • Ethereum bounces from key support at $3,540, signaling potential for a multi-year high amid bullish market trends.
  • As Bitcoin rallies towards $100k, Ethereum prepares for its next price surge with altseason gaining momentum.
  • Whale selling pressure persists, but Ethereum’s bullish outlook remains strong with rising institutional interest and ETFs.

Ethereum (ETH) has been displaying positive pressure in the process of creating a bullish pennant on the hourly chart. Ethereum with a $428.7 billion fully diluted market cap recently bounced from a crucial support area at $3,540 and is currently trading near $3,563 at the time of writing on Friday. This rebound may pave the way for ETH to rise to a multi-year high as the broader market remains favourable for cryptocurrencies.

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Source: TradingView

Ethereum Set for Next Leg

With Bitcoin still on the path to reach $100,000, Ethereum is also gearing up for the next leg of the climb. The altseason, a period in which altcoins rally while Bitcoin stagnates or drops, is starting as the bitcoin dominance index approaches reversal. These changes in market dynamics could see ETH’s price rise even more as altcoins, including ETH, get more attention.

However, there has been a significant amount of selling from ETH whales even as bulls are in charge. The analytical platform Spot On Chain reported that Winslow Strong, the director of Qualia Research Institute, has recently moved 9,380 ETH, or approximately $33.7 million, to Coinbase. This comes after a series of sales that Strong made in early November where he disposed of 14,233 ETH at a cost of $3,431 per ETH making a total of $48.8 million.

ETH’s Bullish Long-Term Outlook

Nevertheless, the selling pressure continues to exert pressure on Ethereum, but the long-term outlook for the cryptocurrency is still bullish, thanks to institutional investors. The approval of Ethereum ETFs, and the growth of institutional investments will also likely push the price of ETH to new levels. CryptosRus believes that in the event that cryptocurrency adheres to the previous market cycles, the currency may soon hit new all-time highs, which will be a positive sign of future price increases.

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Source: CryptosRus

The technical outlook of ETH remains bullish with the market fundamentals supporting its upside move. Despite certain whale activity, the overall sentiment remains positive because ETH and BTC are experiencing increased institutional demand and the latter’s rally continues to strengthen. As it stands, the technicals are as bullish as they have been in a while and the demand continues to rise, predicting the next big move for cryptocurrency.

Ethereum Whale  Moves $38.4M To Kraken: Is A Price Drop Coming?

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An Ethereum whale, specifically “0x682” has made a transfer of a large amount of ETH to the Kraken exchange, causing concern among the community. As per analytical platform Spot On Chain, this whale moved 15,000 ETH, which is worth around $38.4 million, just eight hours back. This whale has previously dumped the prices after making large Ethereum deposits and traders are now preparing for a possible fall.

This is not the first time that the activity of whales has shaken the market and caused its fluctuations. Before this, “0x682” made large ETH deposits to Kraken just before Ethereum’s price dropped considerably. 

On July 25th, the whale sent 10,000 ETH which is equivalent to $34.2 million just a few minutes prior to ETH value drop of 7.6%. Likewise, on the 20th of August, the whale moved 15,000 ETH worth $39.7 million and within the next hour, the Ethereum value dropped by 2.5%.

The pattern has not gone unnoticed by market analysts who are now predicting another price cut may be around the corner. ETH is currently around $2,604.09 and traders are observing the situation closely to see if history will indeed repeat itself.

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Ethereum Whale’s $69.7M Holdings

Still, the whale has 26,639 ETH in its wallet, which is equal to $69.7 million at the current rate. As indicated by Spot On Chain, the whale made a whooping $132 million in profit out of the investments, this is a 86% gain. The level of market influence and achievement that the whale has garnered has rendered the Ethereum community keen to his every move as they raise their eyebrows every time the whale makes a move.

Whale activity, specifically in scenarios such as “0x682,” may negatively impact the entire crypto space. Mass deposits to exchanges are usually a sign of selling, which puts pressure on an asset’s price. Some of the traders are already in the process of preparing for the possibility of the same kind of reaction to this latest transfer.

Since whale activity has previously led to the downtrend, Ethereum may be subject to another dip in the near future. But as with any cryptocurrency, there are those who are more hopeful, waiting for the price to at least not fall, but rise after the whale’s deposit.

As traders and analysts look for the market to make its next move, all attention is on Ethereum’s price in the coming days. Whether or not the whale will cause another dip, as has been done in the past, is still unknown. The volatility of Ethereum has become the main topic of discussion in the market.