Ethereum

Bitcoin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ethereum-whales-selling-spree-sparks-worries-for-eth-price/">Ethereum Whales’ Selling Spree Sparks Worries for ETH Price</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>For the first time since the Ethereum (ETH) Shanghai upgrade earlier this year, Ether’s price has closed above $2,000 following the recent Bitcoin (BTC) breakout towards $38,000. However, Ethereum’s price has encountered significant resistance at around $2,136, casting doubts on the sustainability of the uptrend. Despite this, crypto experts remain optimistic about the recent rally, anticipating further gains as some investors grow impatient.</p>
<h2 class="wp-block-heading" id="h-ethereum-whales-accelerate-profit-taking">Ethereum Whales Accelerate Profit-Taking:</h2>
<p>A recent on-chain analysis conducted by Lookonchain reveals that prominent Ethereum whales have been accelerating their profit-taking activities recently, potentially signaling an impending correction. Notably, one Ethereum whale transferred approximately 26.4k Ether, valued at roughly $54 million, to Bitfinex after being dormant for the past three years. Another Ethereum whale moved approximately 30k Ether, worth about $65 million, to Binance, resulting in a staggering loss of around $183 million.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Bullish or Bearish on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>?<br><br>Did SmartMoneys and Whales buy or sell <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> over the past week?<br><br>1/<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Here is a thread. <a href="https://t.co/8yvCO0UI9H" rel="noopener noreferrer nofollow">pic.twitter.com/8yvCO0UI9H</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1724376198665605381?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 14, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>In contrast, a savvy Ether whale deposited 25.7k Ether, equivalent to about $50 million, to Binance on November 09, securing a profit of approximately $1.5 million. Lookonchain’s analysis highlights that Ether whales who have refrained from taking profits face unrealized losses.</p>
<p>Recently, the Ethereum network received a boost in credibility when BlackRock, a leading fund manager with over $9 trillion in assets under management (AUM), filed for a spot Ether ETF application. While the initial frenzy may have subsided, the filing by BlackRock could pave the way for more hedge fund managers to follow suit and compete in offering spot Ether ETFs. This development can potentially trigger further upside momentum in the near term.</p>
<p>In summary, Ethereum’s price surge past $2,000 has been notable, but resistance at $2,136 looms large. Ethereum whales taking profits may hint at a potential correction while filing a spot Ether ETF by BlackRock could bolster Ethereum’s position in the market. Crypto enthusiasts eagerly await further developments in this exciting and dynamic space.</p>

Ethereum Whales’ Selling Spree Sparks Worries for ETH Price

Table of Contents

CoinPedia News

Other articles published on Nov 14, 2023

Sony Announced Postponement of 6 Out of 12 Live Service Games

Ripple exec reiterates need for tech-neutral crypto regulations

SFC releases updated AML/CFT checklist for virtual asset service providers

Cardano Ushers New Era of Innovation with Java-Based Tool Ledger Sync

FTX Employee Is Claiming A $275,000 Bonus Owed By The Bankrupt Crypto Firm

Quant Crypto: Bullish or Bearish Outlook For QNT Crypto?

Join our free newsletter for daily crypto updates!