{"id":3340,"date":"2023-05-30T10:50:44","date_gmt":"2023-05-30T10:50:44","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=3340"},"modified":"2023-05-30T10:50:44","modified_gmt":"2023-05-30T10:50:44","slug":"ethereum-face-selling-pressure-from-whales","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/ethereum-face-selling-pressure-from-whales","title":{"rendered":"Does Ethereum face selling pressure from whales?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #223c50;color:#223c50\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #223c50;color:#223c50\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/digitalcoinprice.com\/blog\/ethereum-face-selling-pressure-from-whales\/#There_is_a_selloff_among_Ethereum_whales\" title=\"There is a selloff among Ethereum whales\">There is a selloff among Ethereum whales<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/digitalcoinprice.com\/blog\/ethereum-face-selling-pressure-from-whales\/#As_an_addition_to_the_story\" title=\"As an addition to the story\">As an addition to the story<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/digitalcoinprice.com\/blog\/ethereum-face-selling-pressure-from-whales\/#There_is_a_greenish_tint_to_ETHs_chart\" title=\"There is a greenish tint to ETH&#8217;s chart\">There is a greenish tint to ETH&#8217;s chart<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/digitalcoinprice.com\/blog\/ethereum-face-selling-pressure-from-whales\/#The_derivatives_market_looks_bullish\" title=\"The derivatives market looks bullish\">The derivatives market looks bullish<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/digitalcoinprice.com\/blog\/ethereum-face-selling-pressure-from-whales\/#Whats_Next_For_ETH_Price\" title=\"What&#8217;s Next For ETH Price?\">What&#8217;s Next For ETH Price?<\/a><\/li><\/ul><\/nav><\/div>\n<p>Other datasets show that investors are accumulating Ethereum, though addresses with more than ten coins fell to a five-month low.<\/p>\n<p>An all-time low has been reached for Ethereum&#8217;s exchange balance.<\/p>\n<p>Metrics showed ETH was rising as supply held by the top addresses increased.<\/p>\n<p>At press time, <a href=\"https:\/\/digitalcoinprice.com\/coins\/ethereum\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> had crossed $1,800 for the second consecutive time and was nearing $2,000. It appears that whales are selling their assets despite the green chart. ETH&#8217;s uptrend will likely end soon, but declining whale holdings could increase selling pressure. Does this signal a price correction shortly?<\/p>\n<p class=\"blog-post-sec-title\">How much does <a href=\"https:\/\/digitalcoinprice.com\/converter\/ethereum\/usd\/1\">1 Ethereum (ETH) currently cost in USD?<\/a><\/p>\n<h2 class=\"h2\"><span class=\"ez-toc-section\" id=\"There_is_a_selloff_among_Ethereum_whales\"><\/span>There is a selloff among Ethereum whales<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It was reportedly discovered that big crypto players have been selling their holdings, as Glassnode Alerts tweeted on May 28. According to the tweet, Ethereum wallets with over ten coins have declined to 348,187 from 348,199 just five days ago.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Ethereum<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ETH<\/a> Number of Addresses Holding 10+ Coins just reached a 5-month low of 348,187<\/p>\n<p>Previous 5-month low of 348,199 was observed on 27 May 2023<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/6ggy1nLbSD\" target=\"_blank\">https:\/\/t.co\/6ggy1nLbSD<\/a> <a href=\"https:\/\/t.co\/MipYKVV5sP\" target=\"_blank\">pic.twitter.com\/MipYKVV5sP<\/a><\/p>\n<p>\u2014 glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1662794729988169728?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 28, 2023<\/a><\/p><\/blockquote>\n<h2 class=\"h2\"><span class=\"ez-toc-section\" id=\"As_an_addition_to_the_story\"><\/span>As an addition to the story<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, while the data indicated a selloff by the whales, this was not always the case. For example, ETH&#8217;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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Ethereum<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$ETH<\/a> Balance on Exchanges just reached a 5-year low of 17,323,196.249 ETH<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/1dCpD2ey8E\" target=\"_blank\">https:\/\/t.co\/1dCpD2ey8E<\/a> <a href=\"https:\/\/t.co\/UjQic8Vbkk\" target=\"_blank\">pic.twitter.com\/UjQic8Vbkk<\/a><\/p>\n<p>\u2014 glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1662779640769855489?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 28, 2023<\/a><\/p><\/blockquote>\n<p>According to the Sentiments chart, the supply of ETH on exchanges has declined significantly, whereas the supply outside of exchanges has increased.<\/p>\n<p>In addition to the increase in supply, Ethereum&#8217;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.<\/p>\n<p class=\"blog-post-sec-title\"><a href=\"https:\/\/digitalcoinprice.com\/compare\" target=\"_blank\" rel=\"noopener\"> Bitcoin (BTC) and Ethereum (ETH) comparison <\/a><\/p>\n<h3 class=\"h2\"><span class=\"ez-toc-section\" id=\"There_is_a_greenish_tint_to_ETHs_chart\"><\/span>There is a greenish tint to ETH&#8217;s chart<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In the last seven days, ETH&#8217;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.<\/p>\n<p>A spike in ETH&#8217;s weighted sentiment also indicates improved sentiment, as indicated by its high social dominance.<\/p>\n<h3 class=\"h2\"><span class=\"ez-toc-section\" id=\"The_derivatives_market_looks_bullish\"><\/span>The derivatives market looks bullish<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to Coinglass, ETH&#8217;s open interest increased on May 29, giving hope for an upward trend in the coming days. ETH&#8217;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,<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3348 size-full\" src=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2023\/05\/The-derivatives-market-looks-bullish.jpg\" alt=\"The derivatives market looks bullish\" width=\"1725\" height=\"512\" srcset=\"https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2023\/05\/The-derivatives-market-looks-bullish.jpg 1725w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2023\/05\/The-derivatives-market-looks-bullish-480x142.jpg 480w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2023\/05\/The-derivatives-market-looks-bullish-1024x304.jpg 1024w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2023\/05\/The-derivatives-market-looks-bullish-768x228.jpg 768w, https:\/\/digitalcoinprice.com\/blog\/wp-content\/uploads\/2023\/05\/The-derivatives-market-looks-bullish-1536x456.jpg 1536w\" sizes=\"auto, (max-width: 1725px) 100vw, 1725px\" \/><\/p>\n<p style=\"text-align: center;\">Source: Santiment<\/p>\n<p>short-position traders were willing to pay long-position traders. There is selling pressure in the market due to whales&#8217; profit-taking sentiment.<\/p>\n<p class=\"blog-post-sec-title\"><a href=\"https:\/\/digitalcoinprice.com\/forecast\/ethereum\" target=\"_blank\" rel=\"noopener\">Ethereum (ETH) price predictions for 2023, 2024, and 2025<\/a><\/p>\n<h3 class=\"h2\"><span class=\"ez-toc-section\" id=\"Whats_Next_For_ETH_Price\"><\/span>What&#8217;s Next For ETH Price?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>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&#8217;s support line on May 25, bulls aggressively bought the dip.<\/p>\n<p>Due to massive selling pressure, its price plummeted from a high of $1,927 today.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p class=\"blog-post-sec-title\"><a href=\"https:\/\/digitalcoinprice.com\/forecast\/bitcoin\" target=\"_blank\" rel=\"noopener\">Bitcoin (BTC) price predictions for 2023, 2024, and 2025<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":3342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[73,50,75,74],"class_list":["post-3340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news-updates","tag-eth","tag-ethereum","tag-ethereum-face-selling-pressure","tag-whales"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/3340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=3340"}],"version-history":[{"count":6,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/3340\/revisions"}],"predecessor-version":[{"id":3349,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/3340\/revisions\/3349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/3342"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=3340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=3340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=3340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}