Ethereum (ETH) Whales Dump Tokens as TD Sequential Indicator Flashes Sell Signal: Will $2.3K Hold?

The crypto market has been challenging, and Ethereum (ETH), the second-largest cryptocurrency, is no exception. Despite its dominant position, the token has faced

Ethereum (ETH) price analysis shows that the second-largest cryptocurrency has faced significant selling pressure from large investors, contributing to its underperformance and consolidation.

Despite the bearish factors, one market development suggests a potential bullish shift.

Key points:

Large Ethereum whales, holding over 10,000 ETH, have been continuously selling their tokens, leading to a 26% price drop for ETH over the last 30 days.

The TD Sequential indicator on the cryptocurrency’s hourly chart has presented a sell signal, potentially intensifying the current downtrend.

If the ETH price continues to decline, a crucial support zone to watch is between $2,300 and $2,380, where 1.62 million addresses have purchased over 50 million ETH.

After several months of consolidation, Ethereum (ETH) price analysis shows that the token has faced significant selling pressure from large investors, contributing to its underperformance and consolidation. However, one market development suggests a potential bullish shift.

After several months of consolidation, Ethereum (ETH) price analysis shows that the token has faced significant selling pressure from large investors, contributing to its underperformance and consolidation. However, one market development suggests a potential bullish shift.

Top crypto addresses, known as whales, with a holding balance exceeding 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down. This mass exodus of large investors has played a key role in ETH’s underperformance, especially in the mid-cap to small-cap token category.

According to data from Santiment, these large investors have collectively sold over 1.5 million ETH in the past month. As a result, ETH’s price has dropped by 26% over the last 30 days, narrowing its year-to-date gains to just 55%.

This selling pressure from large investors has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months.

Moreover, the TD Sequential indicator on the cryptocurrency’s hourly chart has also presented a sell signal, potentially intensifying the current downtrend.

Looking ahead, several support levels could come into play if the ETH price continues its downward trajectory. According to crypto analyst Ali Martinez, a crucial support zone to watch is between $2,300 and $2,380, where 1.62 million addresses have purchased over 50 million ETH.

Maintaining this level will be crucial for bulls to prevent another sharp crash, similar to the one seen earlier this month, which saw the price retrace to the $2,100 level – a level not seen since February.

Despite these bearish factors painting a dark picture for the second-largest cryptocurrency on the market, market researcher Leon Waidmann claims that a significant development has emerged that could signal a potential bullish shift for Ethereum.

The researcher explained in a recent social media post on X (formerly Twitter) that, for the first time, the ETH balance on cryptocurrency exchanges has dropped below 10%. This marks a notable milestone, as the amount of Ethereum held on exchanges is now lower than that of Bitcoin (BTC). Waidnmann said:

The fact that there is significantly less ETH on exchanges than BTC is a highly encouraging sign. It suggests that Ethereum investors are increasingly withdrawing their tokens from trading platforms, potentially indicating a shift away from short-term speculation and towards long-term hodling.

The above is the detailed content of Ethereum (ETH) Whales Dump Tokens as TD Sequential Indicator Flashes Sell Signal: Will $2.3K Hold?. For more information, please follow other related articles on the PHP Chinese website!