Ether (ETH) Market Poised for a Price Breakout, Some of the Most Popular Industry Analysts Believe

Despite heavy sell-off from early investors worth millions, some of the most popular industry analysts believe the Ether (ETH) market price is poised for a price breakout.

Some of the most popular industry analysts believe the Ether ( ETH ) market price is poised for a price breakout despite heavy sell-off from early investors and a whale.

A whale, or large investor, has started selling Ether after being largely inactive for over eight years, according to onchain intelligence firm Lookonchain.

The whale accumulated over 134,000 Ether at an average cost of $6 and began selling shortly after Donald Trump’s victory, Lookonchain reported on Nov.22.

Ether whale investor starts selling Ether. Source: Lookonchain.

Meanwhile, Ether’s price rose by over 7.5% during the past week and traded above $3,369 at 10:09 am UTC on Thursday, according to Cointelegraph data.

ETH/USD 1-month chart. Source: Cointelegraph

Increasingly, more investors are anticipating Ether to rally toward its previous all-time high due to its correlation with Bitcoin ( BTC ), which crossed $99,000 on Nov. 22, printing the best monthly candle in crypto history as BTC rose over 40% during November.

Cosmos developer Interchain, an early participant in Ethereum's initial coin offering (ICO) in 2017, has also started selling large amounts of ETH.

The wallet associated with Interchain sold 3,000 ETH — now worth over $10.1 million — on Nov. 22, according to pseudonymous blockchain analyst EmberCN in an X post on Monday.

In total, the wallet has sold 21,600 Ether, now valued at over $95 million, in small batches at an average price of $2,591, according to the report.

Cosmos Network wallet. Source: Arkham Intelligence.

The Cosmos Network-labeled address still holds over 17,000 Ether, now valued at $57 million, according to Arkham Intelligence.

Whales with large holdings can drastically affect the price of the underlying cryptocurrency, especially if the entity decides to sell a large amount of the asset on the open market.

Despite the selling pressure, Ether is already staging a breakout, which could see it revisit the $3,700 resistance, according to pseudonymous analyst Rekt Capital in a Nov. 21 X post.

ETH/USD 1-week chart, bull flag breakout. Source: Rekt Capital.

Cryptocurrency traders use bull flags as a bullish chart pattern to spot upcoming price rallies.