đ„Whales Dump $256 Million in ETH, a Sign of a Crash?
Ethereum Whales Have Sold Nearly 107,000 ETH Worth $256.8 Million to Exchanges in the Past 24 Hours.
Ethereum (ETH) Whales have made headlines for selling $257 million worth of ETH in the past 24 hours, sparking concerns about a possible market crash.
Whales Deposit $257 Million ETH to Exchanges
According to CryptoQuant, whales have sold nearly 107,000 ETH, worth $256.8 million, to exchanges in the past 24 hours.
As ETH reserves on exchanges increase, selling pressure also increases, which usually leads to price declines. This happened just as the market was starting to recover on October 5, 2024, but ETH prices have yet to record a significant drop.
Ethereum Current Price Momentum
ETH is currently trading near $2,406, down 0.75% in the last 24 hours, with trading volume down 46%.
This shows that investor participation and trading are down due to concerns about a price drop.
Technical Analysis and Upcoming Levels
ETH is facing strong resistance near $2,445. If it fails to hold $2,335, the price could drop to $2,200.
ETH is currently trading below the 200 EMA, signaling a bearish trend. Investors will closely monitor this indicator to make a decision.
