Ethereum

Cryptocurrency

Cardano

Strong

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 <p class="paragraph">Ethereum (ETH), the second-largest cryptocurrency by market cap, has been at the forefront of the crypto bull run, amassing significant gains in the past year.</p>
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 <p class="paragraph">However, recent trends suggest that its upward trajectory might be under threat. Since February 2023, Ethereum <a rel="noopener noreferrer nofollow" title="whales" href="https://thebittimes.com/tag/whales.html">whales</a>, typically large holders with significant influence on market movements, have been consistently cashing in on the elevated prices. Their actions have led to the offloading or redistribution of over 5 million ETH, translating to an approximate value of $8.5 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>.</p>
 <p class="paragraph">This whale-driven exodus is not a fleeting event. Ali Martinez, a noted crypto expert, highlighted on October 10 via X (previously known as Twitter) that there’s a conspicuous absence of any signs indicating a shift toward ETH accumulation.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="486" src="https://cdn.thebittimes.com/images/2023/10/10/563d460bba2f377c257c4d76c9a26053.webp" alt class="wp-image-131914" srcset="https://cdn.thebittimes.com/images/2023/10/10/563d460bba2f377c257c4d76c9a26053.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/563d460bba2f377c257c4d76c9a26053.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/563d460bba2f377c257c4d76c9a26053.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/563d460bba2f377c257c4d76c9a26053.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   ETH whales selling spree. Source: Ali Charts
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 <p class="paragraph">With Ethereum trading at $1,588 at the time of writing—1.23% down in the last 24 hours and shedding 4.43% over the past week—the market seems to be in a cautious mood.</p>
 <h2 class="wp-block-heading" id="h-eth-technical-analysis">ETH technical analysis</h2>
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 <p class="paragraph">From a technical standpoint, Ethereum has marked important price levels to watch. Strong support lies at $1,498.81, with resistance hovering around the $1,666.23 mark. While the token has impressed with a 22% growth over the past year, outperforming 84% of the top 100 crypto assets, its recent performance raises eyebrows. Out of the last 30 days, only 16 have been in the green, at 53%, and is currently trading at $1,589.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/10/639cff0a83f541a7470334ccc932d327.webp" alt class="wp-image-131915" srcset="https://cdn.thebittimes.com/images/2023/10/10/639cff0a83f541a7470334ccc932d327.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/639cff0a83f541a7470334ccc932d327.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/639cff0a83f541a7470334ccc932d327.webp 768w, https://cdn.thebittimes.com/images/2023/10/10/639cff0a83f541a7470334ccc932d327.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   ETH 1 day price chart. Source: Finbold
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 <p class="paragraph">Another alarming signal is Ethereum’s position concerning its 200-day simple moving average—a key metric for understanding long-term market trends. Currently trading below this average, it reflects bearish sentiment. Not to mention Ethereum is also down 67% from its all-time high.</p>
 <p class="paragraph">In the fast-paced world of cryptocurrencies, the movements of big players, or ‘<a rel="noopener noreferrer nofollow" title="whales" href="https://thebittimes.com/tag/whales.html">whales</a>’, can often provide early warning signs of impending market shifts.&nbsp;</p>
 <p class="paragraph">While Ethereum’s long-term prospects remain promising, given its historical performance and the myriad of real-world applications it supports, the recent actions of <a rel="noopener noreferrer nofollow" title="whales" href="https://thebittimes.com/tag/whales.html">whales</a>, coupled with some concerning technical indicators, suggest that investors should proceed with caution.</p>
 <p class="paragraph">For now, the market watches and waits, with many hoping for a return to bullish sentiment soon.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-s-bull-run-at-risk-inside-eth-whales-8-billion-sell-off-tbt65786.html">https://thebittimes.com/ethereum-s-bull-run-at-risk-inside-eth-whales-8-billion-sell-off-tbt65786.html</a></p>

Ethereum’s bull run at risk? Inside ETH whales’ $8 billion sell-off

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