tl;dr
A growing number of investors, including Galaxy Digital, Ethereum whales, institutions, and smaller holders, are selling off their ETH holdings amid price struggles around $1,600. Galaxy Digital recently transferred $80 million worth of ETH to exchanges. Whales sold about 143,000 ETH (~$230 million)...
Major Ethereum investors, including Galaxy Digital, whales, and institutions, are actively selling off their ETH holdings, signaling a bearish sentiment in the market.
Ethereum’s price is struggling near the $1,600 mark, with critical support identified at $1,528. Should this support fail to hold, the price could potentially drop to $1,100.
Despite these sell-offs and price challenges, some analysts remain optimistic. They predict a possible breakout to $3,000 if trading volume increases significantly.
Galaxy Digital recently transferred $80 million worth of ETH to centralized exchanges like Binance and Coinbase, indicating a significant liquidation move. Similarly, Ethereum whales sold approximately 143,000 ETH—equivalent to around $230 million—in just one week.
The Ethereum ETF in the US has experienced pronounced outflows, with nearly $1 billion withdrawn over 34 of the past 40 days. This prolonged sell-off period highlights the prevailing cautious attitude among investors.
Not only large players but also smaller holders are capitulating. For instance, one wallet that held ETH for 11 months sold off at a significant loss of $2.6 million, a 58.6% decrease.
ETH reached a two-year low of $1,400 before recovering to $1,600. The key support level of $1,528 is crucial, backed by over 4.8 million ETH accumulated across 2.61 million addresses.
If this crucial support level fails, the asset might plunge to $1,100. Nevertheless, bullish analysts like Carl Moon point out that ETH is attempting to break out of a descending channel, which could lead to a surge towards $3,000 if volume conditions improve.
In summary:
* Various investors including Galaxy Digital, whales, institutions, and smaller holders continue to offload Ethereum holdings, suggesting further pressure on the asset.
* The cryptocurrency’s price remains fragile near $1,600, with critical support levels that will determine its immediate trajectory.
* While risks are apparent, a potential breakout to $3,000 remains on the horizon if buying momentum picks up.
What do you think lies ahead for Ethereum? Will the bears maintain control, or could a surge be on the way? Share your thoughts and predictions.