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Does Ethereum face selling pressure from whales?

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By , Updated On May 30, 2023

Other datasets show that investors are accumulating Ethereum, though addresses with more than ten coins fell to a five-month low.

An all-time low has been reached for Ethereum’s exchange balance.

Metrics showed ETH was rising as supply held by the top addresses increased.

At press time, Ethereum [ETH] had crossed $1,800 for the second consecutive time and was nearing $2,000. It appears that whales are selling their assets despite the green chart. ETH’s uptrend will likely end soon, but declining whale holdings could increase selling pressure. Does this signal a price correction shortly?

How much does 1 Ethereum (ETH) currently cost in USD?

There is a selloff among Ethereum whales

It was reportedly discovered that big crypto players have been selling their holdings, as Glassnode Alerts tweeted on May 28. According to the tweet, Ethereum wallets with over ten coins have declined to 348,187 from 348,199 just five days ago.

As an addition to the story

However, while the data indicated a selloff by the whales, this was not always the case. For example, ETH’s exchange balance reached a five-year low of 17,323,196.249 ETH. As a result, investors were accumulating the tokens rather than selling them.

According to the Sentiments chart, the supply of ETH on exchanges has declined significantly, whereas the supply outside of exchanges has increased.

In addition to the increase in supply, Ethereum’s network growth was relatively high, confirming that investors were accumulating. With a high network growth, more new addresses were also created to transfer ETH.

Bitcoin (BTC) and Ethereum (ETH) comparison

There is a greenish tint to ETH’s chart

In the last seven days, ETH’s price increased by nearly 6% and more than 2% in the last 24 hours. After several days of sideways movements, promising gains finally excited the community. With a market cap of over $229 billion, it traded at $1,907.53 at press time.

A spike in ETH’s weighted sentiment also indicates improved sentiment, as indicated by its high social dominance.

The derivatives market looks bullish

According to Coinglass, ETH’s open interest increased on May 29, giving hope for an upward trend in the coming days. ETH’s position in the derivatives market indicates that new money flows into the market, suggesting a longer price trend. As well as indicating that long-position traders dominated at press time,

The derivatives market looks bullish

Source: Santiment

short-position traders were willing to pay long-position traders. There is selling pressure in the market due to whales’ profit-taking sentiment.

Ethereum (ETH) price predictions for 2023, 2024, and 2025

What’s Next For ETH Price?

Ethereum has been in a downward wedge pattern for the past several days. As of writing, the price of ETH trades at $1,892, a gain of over 2% in the last 24 hours. As bears tried to lower the wedge’s support line on May 25, bulls aggressively bought the dip.

Due to massive selling pressure, its price plummeted from a high of $1,927 today.

To reach $1,930, the price of ETH must exceed the 20-day exponential moving average of $1,842. ETH could rally as high as $2,000 if it exceeds this level.

The ETH price may remain within a bearish region for a few more days if the price drops from the current level or below the 38.6% Fib channel.

Bitcoin (BTC) price predictions for 2023, 2024, and 2025