During the Asian market session on Friday, crypto market experienced a slight increase as the Bitcoin price neared the $100k milestone. This momentum was also observed in the altcoin market, which saw renewed buying pressure and boosted major assets such as ETH. However, the Ethereum price faces the risk of prolonged correction as onchain data shows a surge in whale selling.
At the time of writing, the ETH price trades at $3,615 with a 1% intraday gain. The crypto market cap is at $3.5 trillion, while the 24-hour trading volume stands at $194.5 billion. Noteworthy observations include:
– The Ethereum price retested a downsloping trendline that has been intact since May 2024.
– The 20-day EMA continues to provide suitable pullback support for the ETH coin. – A surge in ETH whale selling suggests a potential breakdown below the $3,500 floor. Ethereum, the second-largest cryptocurrency, has witnessed a surge in whale activity, attracting the attention of major holders who have been offloading significant amounts of ETH.
Winslow Strong, director of the Qualia Research Institute, deposited 9,380 ETH ($33.7M) to Coinbase. Since the Ethereum price rally began in early November, the whale has offloaded most of their remaining ETH holdings, totaling 14,233 ETH (worth approximately $48.8M) at an average price of $3,431. Similarly, Ethereum co-founder Jeffrey Wilcke sold 20,000 ETH ($72.2M) to Kraken at $3,608/ETH.
He still holds 106,006 ETH ($384M), leaving the market speculating about his next move. These significant sell-offs by prominent holders point to rising whale activity, raising concerns about Ethereum’s short-term price trajectory. Historically, whale selling has coincided with major market tops and witnessed limited recovery in the near term.
On November 27th, the Ethereum price recorded a massive 10% jump to $3,888, challenging the downsloping trendline for the past 7 months. The last reversal from this dynamic resistance in May 2024 triggered a 46% fall to hit the $2,110 floor. A potential breakout from this resistance could further accelerate the bullish momentum and invalidate the bearish thesis.
The post-breakout rally could push the ETH price to $4,875 ATH, accounting for a 35% surge. A bullish crossover between the 100-and-200-day EMA could further accelerate the buying pressure.
Source
<p>The post Title: Ethereum Faces Whale Selling Pressure Amid Market Recovery and Rising Altcoin Prices first appeared on CoinBuzzFeed.</p>
