Ethereum Hit by Heavy Whale Selling: Where Could ETH Go Next?

Large investors have seemingly decided to offload a substantial amount of ETH, raising concerns among some analysts that the asset could be gearing up for fresh bearish momentum.

At the same time, the optimists are just as vocal, forecasting a powerful move north in the near future.

The Whales’ Latest Move

Ali Martinez revealed that this group of market participants has sold or redistributed 226,435 ETH over the last 24 hours, marking one of the largest spikes in whale activity recently. At current rates, the stash is worth roughly $430 million, and these investors now control 26.64 million coins, about 22% of the asset’s circulating supply.

Such sell-offs from whales are usually viewed as concerning factors that could spread panic across the community and prompt smaller players to cash out, too. In line with the warning, Martinez said he is paying close attention to the $1,773 level, claiming that a breakdown below could “put the current bullish outlook on hold.”

Another analyst who outlined a rather pessimistic prediction is X user Crypto Lens. They think that ETH is stuck at the $1,860-$1,955 range for a reason, suggesting that the real bull trap is just getting started. In their view, the price may jump as high as $2,000, but shortly after, it might collapse to its final bottom test in the $1,400-$900 zone.

… Continue reading the full article at the original source below.