Whales Trigger $60M Ethereum Sell-Off

Although the price of Ethereum has recovered some of its lost ground today, the recent actions of whales have stoked fears of a future decline.

Ethereum price saw a 2% increase today, but a $60 million ETH sell-off by whales on major exchanges has raised concerns about a possible downturn in the cryptocurrency market.

Whales Trigger $60M Ethereum Sell-Off

Despite recovering some of its losses today, Ethereum’s price has sparked fears of a future decline following the latest actions by whales.

According to recent reports, whales have sold $60 million worth of Ethereum to Binance and Coinbase, suggesting that the cryptocurrency may soon face downward pressure. However, others believe that these investors are simply waiting for prices to recover before cashing in on their gains, as highlighted by Coingape.

Some are viewing the latest ETH outflows, totaling 22.67K, as investors taking the opportunity to book profits. According to Whale Alert, an address with the wallet ID "0x435…913ab" has transferred 10,000 ETH to Binance, with an estimated market value of $26.1 million. This address is linked to the Gnosis Safe Proxy, known as the Metalpha, as noted by Arkham Intelligence.

Meanwhile, another whale has funded their Coinbase account with 12,675 ETH, valued at approximately $33.10 million, based on the current price. The large-scale transfers to these major crypto exchanges have raised concerns about a possible crypto market downturn in the upcoming days.

$1651 Ethereum Price Target by Peter Brandt

In related news, crypto market veteran Peter Brandt has revealed via X that he is bearish on Ethereum price, citing a rising wedge on the intraday chart and the completion of a 5-month rectangle pattern. His price target of $1651 is derived from the latest chart patterns, indicating a potential downturn from current levels.

According to Brandt, patterns fail more than 50% of the time, but his analysis suggests a brief opportunity with high risk. He also adds that he would exit the trade if Ethereum breaches $2961.

Despite investor concerns, the second-largest cryptocurrency by market cap has seen a surge today. However, one recent analysis of Ethereum price projects that the cryptocurrency may drop to as low as $2,190 if it fails to cross the $2,618 mark.

Ethereum Price Rises 1.72% Despite Whale Sell-Off

The price of Ethereum went up by 1.72% to reach $2,609, while the cryptocurrency’s trading volume went down by 41% to reach $9.28 billion.

The cryptocurrency’s downturn to a low of $2,556.22 highlights the increasing volatility in the market.

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