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Ethereum saw a 2% price increase today, but a $60 million ETH sell-off by whales on major exchanges has raised concerns about a possible downturn in the cryptocurrency market.
Whales Trigger $60M Ethereum Sell-Off
Although the price of Ethereum has recovered some of its lost ground today, the recent actions of whales have stoked fears of a future decline.
Recent news suggests that whales have sold $60 million worth of Ethereum to Binance and Coinbase, suggesting that the cryptocurrency would soon see downward pressure. On the other hand, there are many who think these investors are just waiting for prices to recover before cashing in on their gains, Coingape shares.
Some see the latest 22.67K ETH offloads by the whales as investors taking advantage of a profit-booking opportunity. Whale alert reports that a user with the wallet address "0x435…913ab" has transferred 10,000 ETH to Binance, with a market worth of around $26.1 million. This address is associated with the Gnosis Safe Proxy known as the Metalpha, according to Arkham Intelligence.
At the same time, another whale funding their Coinbase account with the address "0x968…3c625" sent 12,675 ETH, or approximately $33.10 million. Worries about a possible crypto market slump in the next days have been heightened by the recent transfers to these main crypto exchanges.
$1651 Ethereum Price Prediction by Peter Brandt
In the meantime, crypto market specialist Peter Brandt just posted on X that he is negative on Ethereum pricing due to a rising wedge on the intraday chart and a completed 5-month rectangle pattern. His goal of $1651 is based on the most recent pattern in the charts, which suggests a possible decline from the current levels.
Brandt notes that patterns fail over 50% of the time, but his research points to a brief chance with a high degree of risk. Also, he mentioned that he will get out of the trade if Ethereum goes beyond $2961.
The second-largest cryptocurrency market cap has experienced a meteoric rise today, defying investor fears. Nevertheless, according to a recent estimate of Ethereum prices, the cryptocurrency might go as low as $2,190 if it is unable to surpass the $2,618 mark.
Ethereum Rises 1.72% Despite Whale Concerns
Ethereum's price increased 1.72% to $2,609, while the cryptocurrency's trading volume decreased 41% to $9.28 billion. The fact that the cryptocurrency has fallen to a low of $2,556.22 shows how unstable the market is becoming.
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