Whale Sell-off, Is Ethereum About to Hit Bottom?
Hey, did you know? Ethereum ($ETH) has recently seen a significant drop in price due to continuous sell-offs by those big whales! Within 24 hours, the price fell by more than 13%, dropping below $3200.
This drop is mainly due to those #ETH big whales and the Ethereum Foundation selling off. The $3500 support level just vanished in a snap, leading to massive liquidations of long positions. Analysts say the next support level might be around $2800.
The cryptocurrency market has been in chaos lately. Those big whales are selling off, creating a bad atmosphere. An on-chain analysis platform, Lookonchain, reported that a big whale deposited 22,746 ETH into Binance, converting it into $77.7 million in stablecoins to pay off debts. In two days, this whale deposited a total of 31,968 ETH, which is equivalent to about $122.3 million!
Another big whale was even more aggressive, transferring 49,910 ETH to Binance in just 8 hours, converting it into $170 million in stablecoins. These sell-offs have directly pushed down the price of Ethereum, creating massive pressure!
Ethereum has been dropping since it started at $4000, and it has now decreased by 17.5%. Furthermore, the Ethereum Foundation has also been selling when ETH prices were at their peak.
A couple of days ago, when it was at $4000, they sold 100 ETH.
According to data from Arkham Intelligence, over the past year, the Ethereum Foundation has sold a total of 4,466 ETH, amounting to $12.6 million. Moreover, most of these sales occurred when the price was nearing its peak. It seems that the #Ethereum Foundation is strategically monitoring prices to sell at high points.
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