Ethereum Price Danger: Whale Exodus can drag ETH under $ 4k

Ethereum Price Danger: Whale Exodus can drag ETH under $ 4k

2 minutes, 19 seconds Read

Tl; Dr.

  • After weeks of consistent accumulation, Ethereumwalvissen changed the song and have discharged huge amounts of the second largest cryptocurrency.
  • With the total weak market sentiment lately, the question now arises as to whether it will be active in the direction of and under the crucial support of $ 4,000.

Sell ​​whales, buy some

Data shared by the popular crypto analyst Ali Martinez shows that these major market participants have removed more than 430,000 ETH in only the past two weeks, which is a stark contrast to their approach from Ethereum during most of July and August. From a USD perspective, this fortune is worth around $ 1.80 billion.

Remember that they collected almost the same amount only a few weeks ago, because the price of ETH had fallen from more than $ 4,800 to less than $ 4,100. Only a few days later the cryptocurrency rose to a fresh highest high point of $ 4,950 before it corrected again to $ 4,250 amidst the current sale.

However, a certain whale, which has been known in the crypto community as a Bitcoin OG in recent weeks, is not impressed by the current market sentiment. They continue to exchange BTC for ETH with a further $ 109 million transaction that was completed earlier today. In total, the whale has bought around $ 3.4 billion in ETH and at the same time throw away huge BTC quantities.

Fall under $ 4k?

Such massive sale by whales can affect the underlying asset in a dual way. First, they increase the immediate sales pressure. Secondly, their actions can be simulated by smaller investors, who can have a snowball effect on the price movements of the active.

As mentioned above, ETH dropped to $ 4,250 earlier today before the only land recalled to get $ 200 back. However, the danger is still looming from a deeper correction that it could push for the first time since the beginning of August to $ 4,000.

Martinez indicated that this is the most important support line for the current market structure of ETH. But if they were lost, the next stop would probably be $ 3,800.

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