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Ethereum Sees Major Outflow From Mega Whales - ETH Price Drops Below $2,600
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Ethereum Sees Major Outflow From Mega Whales – ETH Price Drops Below $2,600

Ronaldo Marquez
Ronaldo Marquez
9 months ago
3 mins read
Ethereum

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The crypto market has been challenging, and Ethereum (ETH), the second-largest cryptocurrency, is no exception. Despite its dominant position, the token has faced significant headwinds in recent weeks, with its price showing no signs of a sustained recovery.

Key Metrics Point To Continued Bearishness

According to crypto analyst Ali Martinez, some of the largest Ethereum whales, holding over 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down. 

This mass exodus of large investors has contributed to ETH’s 26% price drop over the last 30 days, narrowing its year-to-date gains to just 55% – making it one of the weaker-performing tokens in this timeframe.

The selling pressure from these Ethereum whales has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months. 

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This bearish sentiment surrounding ETH is further exacerbated by the TD Sequential indicator, which has presented a sell signal on the cryptocurrency’s hourly chart, potentially intensifying the current downtrend.

Looking ahead, Martinez has identified key support levels that could come into play if the Ethereum price continues its downward trajectory. According to Martinez, a crucial support zone to watch is between $2,300 and $2,380, where 1.62 million addresses have purchased over 50 million ETH. 

Maintaining this level will be crucial for bulls to prevent another sharp crash, similar to the one seen earlier this month, which saw the price retrace to the $2,100 level – a level not seen since February.

Potential Price Upside For Ethereum Ahead? 

Despite these bearish factors painting a dark picture for the second-largest cryptocurrency on the market, market researcher Leon Waidmann claims that a significant development has emerged that could signal a potential bullish shift for Ethereum.

The researcher explained in a recent social media post on X (formerly Twitter) that, for the first time, the ETH balance on cryptocurrency exchanges has dropped below 10%. This marks a notable milestone, as the amount of Ethereum held on exchanges is now lower than that of Bitcoin (BTC). Waidnmann said:

The fact that there is significantly less ETH on exchanges than BTC is a highly encouraging sign. It suggests that Ethereum investors are increasingly withdrawing their tokens from trading platforms, potentially indicating a shift away from short-term speculation and towards long-term hodling.

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Ultimately, the next move for the ETH price remains to be seen, whether the bulls or bears will get the upper hand, decide the next short-term movement for the token, and break the current consolidation phase. 

Ethereum
The daily chart shows ETH’s price downtrend. Source: ETHUSDT on TradingView.com

At the time of writing, ETH trades at $2,580. 

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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