Over the past few days, the overall cryptocurrency market has seen notable selling pressure, possibly due to profit-taking or the recent Bitcoin (BTC) move by Mt. Gox. Amidst this selling pressure, Ethereum (ETH) whales have started dumping significant amounts of ETH, as reported by Lookonchain.
Major Moves by Ethereum Whales
On August 27, 2024, on-chain analytics firm Lookonchain posted several messages on X (formerly Twitter) stating that two Ether Whales had sold 8,208 ETH worth $21.59 million near the $2,630 level. The reason behind this sell-off was to pay off debts on Aave and avoid liquidation.
Meanwhile, another whale deposited a remarkable 19,000 ETH worth $49.17 million on the Coinbase cryptocurrency exchange to sell it, according to Lookonchain’s recent post. Additionally, the same whale deposited 5,145 ETH worth $13.3 million on Binance to sell it.
Massive ETH sell-off continues
Despite the recent dump, whales and institutions like AmberGroup and Cumberland dumped over $60 million worth of ETH on August 26, 2024. This data shows that all whales and institutions combined have sold over $143 million worth of Ethereum in less than 48 hours, which is enough to create selling pressure on the market.
Ethereum Price Prediction
These noticeable selling by Whales and institutions has led to a massive sell-off in ETH, leading to the collapse of the bearish rising wedge price action pattern.
According to expert technical analysis, Ether seems bearish and is currently in a downtrend as it is trading below the 200 Exponential Moving Average (EMA) on a daily timeframe. Moreover, it is near a crucial support level of $2,540. If ETH fails to hold this level, there is a high chance that it may drop towards the next support level of $2,300.
At the time of going to press, ETH is trading around the $2,580 level and has experienced a price drop of over 4% in the past 24 hours. Meanwhile, its trading volume has increased by 7.5% in the same period, indicating higher participation from traders amid price drops.
