Ethereum Price Movement: Analyzing Whale Behavior
Recent fluctuations in Ethereum (ETH) price are closely tied to the actions of whale investors. These large holders of Ethereum have been selling off their holdings, sparking concerns among long-term investors.
Understanding the Impact on Ethereum Holders
Following a significant 11% drop in price, whale addresses holding substantial amounts of Ethereum started selling off their holdings. This resulted in a loss of approximately 630,000 ETH, valued at over $1.87 billion, over a period of three days.
This downward trend has created a bearish sentiment in the altcoin market, leading to a 10% decrease in Ethereum’s price. Long-term holders, in particular, are feeling the pressure as their unrealized profits have shrunk by 4%. This decrease in profits may prompt some long-term holders to sell their holdings to mitigate potential losses.
It is essential to monitor the behavior of long-term holders closely, as their actions could have a significant impact on Ethereum’s price trajectory. Historically, Ethereum has seen a bottom whenever the long-term holder NUPL falls below 50%, indicating a potential turning point in its price.
Ethereum Price Prediction: Rebound on the Horizon
While there is uncertainty in the market, historical data suggests that Ethereum may have reached a bottom. Additionally, the introduction of spot ETFs could act as a catalyst for a price recovery, potentially pushing Ethereum above $3,118.
The current support level at $2,930 has been tested multiple times in the past. If Ethereum manages to break through this level, it could signal a reversal in its price trajectory and pave the way for further gains.
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