Ethereum Whales Dumping Bags as Rising Wedge Pattern Emerges, Will ETH Price Correct to $2350?

Some of the largest Ethereum whales, holding over 10,000 ETH, have been on a coveted accumulation spree over the past month, with no signs of easing up.

The largest Ethereum (ETH) whales, those holding over 10,000 ETH, have been accumulating heavily over the past month. However, recent data from Glassnode shows that these whales might be changing their tune.

According to the data, the number of mega-whale addresses (those with a balance of over 10,000 ETH) has been steadily declining over the past month. At the beginning of March, there were around 140 mega-whale addresses. However, by the end of the month, that number had decreased to around 125.

This sell-off by Ethereum whales is a significant development. It could put downward pressure on the price of Ethereum in the short term. However, it is also possible that the demand from other investors will be able to offset the selling pressure from whales.

Ethereum: Rising Wedge Spotted

The second-largest altcoin has been facing bearish sentiment for quite some time. Renowned market analyst Ali Martinez recently suggested that ETH might be heading toward a price consolidation, citing a rising wedge pattern. This is typically a bearish technical indicator that usually precedes a price correction.

If the rising wedge pattern holds, ETH could experience a pullback toward the $2,350 support level. This potential correction could be further amplified by profit-taking investors and a prevailing bearish sentiment in the market leading to selling pressure.

It is important to note that technical analyses are not foolproof, and the situation may be more complex than it appears. However, the data does suggest that some of the largest Ethereum holders are selling off their coins, and this is something that investors should be aware of.