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