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Sujit Kumar
Aug 13, 2024
by Sujit Kumar

Ethereum Faces Sell-Off as Major Whale Moves 48,500 ETH to Exchanges

Ethereum Faces Sell-Off
Ethereum's price is experiencing turbulence in the third quarter as new data reveals significant selling activity from major ETH holders. A prominent Ethereum Initial Coin Offering (ICO) whale, who acquired 1 million ETH at $0.31 each, has been actively moving substantial amounts to exchanges over the past month. According to Lookonchain, this whale has executed 17 transactions, all involving deposits to the OKX exchange. The total of 48,500 ETH deposited during this period is valued at approximately $154 million, representing an extraordinary return on investment of 1,024,416% from its original purchase price.

BlockTower Capital Joins the Sell-Off

In addition to the whale activity, BlockTower Capital, an investment firm, recently sold 9,232 ETH, totaling around $25 million. This selling pressure has contributed to Ethereum's price struggles, adding to the market's overall volatility.

ETH Exchange Reserves Show Decrease

Despite the bearish sentiment from whale and institutional sales, Ethereum exchange reserves have seen a decline. According to CryptoQuant data, the total ETH held on exchanges dropped from 17.1 million to 16.8 million in August. This decline in reserves, particularly noticeable between August 5 and August 13, suggests potential accumulation as Ether's price fell below $2,800.

Price Rejection at Key Level

Since the market downturn on August 5, Ethereum has performed better than many altcoins but continues to face challenges breaking above critical price levels. The ETH/USD pair is currently navigating an ascending triangle pattern on the 4-hour chart. For a bullish continuation, Ethereum needs to close above the $2,750 neckline, which would increase its chances of retesting $3,000. However, if Ethereum loses its position below $2,500, it could retest support levels between $2,350 and $2,200. As of now, Ethereum's price is down 3% over the past 12 hours following a rejection at its recent high of $2,750.

As Ethereum faces sell-offs and price resistance, the broader market dynamics continue to influence its trajectory.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Ethereum Faces Sell-Off
Ethereum Faces Sell-Off as Major Whale Moves 48,500 ETH to Exchanges
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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