Ethereum (ETH) Price Faces Selling Pressure as Major Wallet Holders Dump Their Stacks

Ethereum (ETH) price is facing selling pressure as major wallet holders are seen selling at a loss.

The price of Ethereum (ETH) has been facing selling pressure as major wallet holders were seen selling at a loss.

This selling pressure on Ethereum price comes after the cryptocurrency faced rejection at the $2,000 mark. The price declines have left many wondering whether ETH would return to the $1,500 mark in the foreseeable future.

As the cryptocurrency market continues to recover, several new reports have emerged, highlighting the actions of large-scale Ethereum investors, also known as whales, and their potential impact on the cryptocurrency's price.

This activity has sparked debate among analysts and traders who are divided on the short-term price movements of Ethereum.

Major Ethereum Wallet Dumps 1,160 ETH At A Huge Loss

Latest blockchain data indicates that long-term holders are giving up even after they had held positions in earlier market cycles. The selling is happening when Ethereum is holding in the area of $1,550 to $1,700. This has given contradictory signals to analysts and traders who are divided on short-term price movement.

Blockchain monitoring firm Lookonchain has shown a huge capitulation by a single Ethereum investor who sold off 1,160 ETH at a huge loss recently for about $1.83 million. According to their data, this investor had withdrawn the same amount from cryptocurrency exchange OKX about 11 months ago when Ethereum price was at $3,816. By selling at $1,580, the investor realized a 58.6% loss totaling $2.6 million.

However, not all large holders are exiting positions. CryptoGoos analyst stated that other large investors have recently purchased approximately 77,000 ETH valued at $125 million. This indicates high interest in purchasing at present ETH prices. This unusual behavior by large holders creates uncertainty in the market situation.

suggest that we take some profits on rallies in price and don’t necessarily need to keep accumulating every single dip. It seems that summing up continually doesn’t necessarily pay as a strategy.

This statement comes after IncomeSharks admitted that he failed to take profits from his own ETH holdings and that he is not someone who usually trades cryptocurrencies emotionally.

Technical Analysis Offers Both Possibilities For Ethereum Price

Now, analysts are divided over what the current price action means for Ethereum price and where it could be heading next. Analyst CrypNuevo highlighted the $1,700 to $1,550 price level as it "looks like past price action." According to the analyst, Bitcoin is still holding its 1-week 50 EMA support level for a bull run, which is bullish. Because of this analysis, CrypNuevo mentioned that he is executing "big" spot purchases in this price zone.

suggest that we take some profits on rallies in price and don’t necessarily need to keep accumulating every single dip. It seems that summing up continually doesn’t necessarily pay as a strategy.

This statement comes after IncomeSharks admitted that he failed to take profits from his own ETH holdings and that he is not someone who usually trades cryptocurrencies emotionally.

Technical Analysis Offers Both Possibilities For Ethereum Price

Now, analysts are divided over what the current price action means for Ethereum price and where it could be heading next. Analyst CrypNuevo highlighted the $1,700 to $1,550 price level as it "looks like past price action." According to the analyst, Bitcoin is still holding its 1-week 50 EMA support level for a bull run, which is bullish. Because of this analysis, CrypNuevo mentioned that he is executing "big" spot purchases in this price zone.

suggest that we take some profits on rallies in price and don’t necessarily need to keep accumulating every single dip. It seems that summing up continually doesn’t necessarily pay as a strategy.

This statement comes after IncomeSharks admitted that he failed to take profits from his own ETH holdings and that he is not someone who usually trades cryptocurrencies emotionally.

Technical Analysis Offers Both Possibilities For Ethereum Price

Now, analysts are divided over what the current price action means for Ethereum price and where it could be heading next. Analyst CrypNuevo highlighted the $1,700 to $1,550 price level as it "looks like past price action." According to the analyst, Bitcoin is still holding its 1-week 50 EMA support level for a bull run, which is bullish. Because of this analysis, CrypNuevo mentioned that he is executing "big" spot purchases in this price zone.