Ethereum Bears Sold $2.5 Billion: Will It Impact ETH Price?
In Brief
- Ethereum has weathered $2.5 billion worth of whale selling, maintaining price stability through strong support from investors who bought between $2,344 and $2,421.
- Despite facing bearish pressure, Ethereum’s price is consolidating near the $2,424 level, setting up a potential breakout if it can flip the $2,476 resistance into support.
- The demand zone formed by 65.83 million ETH ensures that the price has a solid cushion, making it less likely to fall below $2,344 unless broader market conditions worsen.
Ethereum has seen some sideways movement this week, helping the altcoin break out of a nearly three-week-long downtrend. Despite facing bearish cues, including whale selling, Ethereum’s price has managed to hold steady.
This stability is raising expectations of an upcoming breakout, potentially setting the stage for a rise.
Ethereum Whales Move To Sell
Whale addresses are exhibiting bearish sentiment at the moment, as several large holders have started to liquidate their positions.
In the last 48 hours, addresses holding between 1 million and 10 million ETH sold over 1.06 million ETH worth approximately $2.57 billion.
Whale selling typically exerts downward pressure on the price, signaling potential bearishness. However, in this case, Ethereum’s price has continued to sustain itself, which indicates market resilience.
Looking at Ethereum’s macro momentum, the IOMAP (In/Out of the Money Around Price) chart reveals a significant demand zone for ETH. The zone holds 65.83 million ETH, valued at over $159 billion.
These holdings were bought between the $2,349 and $2,421 range, establishing a strong support area.
The large number of investors who purchased ETH in this price range are unlikely to sell at break-even or loss, making it difficult for the price to fall below this key support.
This demand zone acts as a solid cushion for Ethereum’s price, protecting it from any sharp declines. The support from these investors provides a foundation for Ethereum’s price to remain stable despite the recent selling pressure.
As a result, the price is less likely to drop sharply below the $2,344 mark, which would otherwise signify a more significant bearish trend.
Get to know Godleak
Godleak crypto signal is a service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.
It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.
Godleak crypto leak service have multiple advantages in comparision with other services:
- Providing signal of +160 best crypto vip channels in the world
- Using high tech bot to forward signals
- Without even a second of delay
- Joining in +160 separated channels on telegram
- 1 month, 3 months , 6 months and yearly plans
- Also we have trial to test our services before you pay for anything
For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features
Join for Free
☟☟☟☟☟
https://t.me/Godleakbot
Also you can check the list of available vip signal channels in the bot. by pressing Channels button.
ETH Price Is Consolidating
Ethereum’s price is currently trading at $2,424, just under the critical resistance of $2,476.
While there has been no significant rise, the sideways movement has allowed ETH to break out of the three-week downtrend. This consolidation phase is setting the stage for potential upward momentum.
The factors discussed earlier indicate that Ethereum may continue to consolidate between $2,344 and $2,476 or potentially break through the resistance.
If Ethereum successfully flips $2,476 into support, a rise to $2,606 is likely. This would mark a significant breakout and could attract more buyers into the market.
On the other hand, if broader market conditions turn extremely bearish, similar to last week’s sentiment, Ethereum’s price could slip below $2,344 and fall to $2,205.
A drop below this support would invalidate the current bullish thesis, potentially signaling a further decline.
