The cryptocurrency market is currently experiencing a mix of confusion and unpredictability, with investors unsure whether prices will rally or crash. In a recent development, an Ethereum Whale holding almost $23 million worth of ETH decided to dump its entire holding after holding it for 10 months.
On October 25, 2024, Lookonchain, a blockchain-based transactions tracker, reported that a whale wallet address “0x883” sold 8,982 ETH worth $22.93 million to the cryptocurrency exchange OKX. The whale had withdrawn these significant ETH from OKX and staked them before the spot Bitcoin ETF received approval from the SEC.
After holding onto the ETH for a considerable period, the whale finally decided to sell, making a profit of nearly $3 million. This move could be attributed to the current market conditions and the ongoing price decline in the cryptocurrency market.
At the time of writing, ETH is trading close to $2,490, experiencing a decline of over 2.15% in the past 24 hours. Despite this decline, the trading volume has increased by 23%, indicating heightened participation from traders and investors due to the downward trend in prices.
Expert technical analysis suggests that ETH is currently at a critical support level of an ascending trendline that has been in place since September 2024. This support level is crucial for potential rallies in the future, making it a make-or-break situation for ETH.
If the sentiment in the market remains bearish and the price of ETH breaches the support level, closing below $2,400, there is a strong likelihood that the asset could drop to the $2,200 level. However, if sentiment shifts and ETH manages to hold above the support level, there is a possibility of a rally towards the $3,000 level.
Additionally, ETH’s price is currently below the 200 Exponential Moving Average (EMA), indicating a downtrend in the market. Traders and investors will be closely monitoring the price movements of ETH to determine the next potential direction for the cryptocurrency.
In conclusion, the recent sell-off by the Ethereum Whale highlights the uncertainty in the market and the challenges faced by investors in navigating the volatile cryptocurrency landscape. It remains to be seen how ETH will perform in the coming days and whether it can regain momentum amidst the current market conditions.