Ethereum whales have made a significant move in the market by selling 60,000 ETH valued at over $200 million after the price of the cryptocurrency dropped to a weekly low. This selling activity comes at a time when positive netflows to exchanges have spiked to a weekly high, indicating a potential shift in market dynamics.
At the time of writing, Ethereum (ETH) was trading at a weekly low of $3,683, marking a 4% drop in 24 hours. Despite this dip, Ethereum still maintains a 17% monthly gain. The recent price drop led to total ETH liquidations amounting to $124 million, with $108 million coming from long liquidations as buyers rushed to close their positions.
Data from IntoTheBlock reveals that Ethereum whales holding between 1,000 and 10,000 ETH sold off a significant amount of their holdings, totaling 60,000 ETH valued at more than $200 million on December 18th. This selling pressure from whales could potentially impact the price of Ethereum by increasing sell-side pressure in the market.
The surge in selling activity is further evidenced by a spike in inflows to spot exchanges, with positive netflows reaching their highest level in a week. This influx of ETH to exchanges has caused a sharp reversal in price, dropping Ethereum from $3,900 to around $3,500. If this selling activity continues without an uptick in buying pressure, it could lead to further bearish pressure on ETH.
Institutional demand for Ethereum has been on the rise, as evidenced by increased inflows to spot ETFs. However, on December 18th, total inflows hit a low of $2.45 million, the lowest since late November. This decrease in institutional demand could potentially impact the price of Ethereum if it continues to weaken.
Looking ahead, Ethereum faces a looming supply zone between $3,800 and $3,900, where 2.59 million addresses purchased 4.85 million ETH. If buyers re-enter the market, they may face strong resistance at this zone as traders look to book profits. However, breaking past this zone could unlock further gains for Ethereum.
Speculative activity in the derivatives market for ETH remains high, with derivative trading volumes surging by around 30% despite a 4% decline in open interest. Ethereum’s open interest at $27 billion is just 6% shy of all-time highs, indicating continued interest and activity in ETH derivatives trading.
In conclusion, the Ethereum market is experiencing significant shifts in whale activity, exchange inflows, institutional demand, and derivatives trading. These factors could potentially impact the price of Ethereum in the near future, making it essential for traders and investors to closely monitor market trends and developments. According to a recent study conducted by a team of researchers at a leading university, it has been found that there is a strong correlation between regular exercise and improved mental health. The study, which was published in the Journal of Psychology and Psychiatry, examined the effects of exercise on mood and overall well-being in a group of participants over a period of six months.
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