Ethereum

Gemini

April

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-price-holds-as-major-investor-sells-thousands-of-eth" rel="noopener noreferrer nofollow">Ethereum’s Price Holds as Major Investor Sells Thousands of ETH</a><br></p>
<p style="text-align: justify">Following a considerable surge the previous week, <a href="https://en.bitcoinhaber.net/u-s-regulators-approve-bitcoin-etf-ethereum-spot-etf-next" rel="noopener noreferrer nofollow">Ethereum</a>‘s (ETH) price has leveled around the $3,500 mark. As the value plateaus, numerous investors have opted to cash in their gains. The largest ETH holder reportedly exchanged a massive 17,770 ETH for 62.24 million DAI at a price of $3,503 each.</p>
<h2 id="profit-taking-by-prominent-ethereum-holder">Profit-Taking by Prominent Ethereum Holder</h2>
<p style="text-align: justify">This particular investor had amassed roughly 14,280 ETH over four years, starting from March 2017 to April 2021, at an average acquisition cost of $182 from exchanges like Gemini and Bittrex. With the sale, the investor reaped profits nearly 23 times the initial investment, netting a gain of about $59 million. The dumping of a large ETH stash by this whale introduces considerable liquidity into the market.</p>
<p style="text-align: justify">The sale’s effect on Ethereum’s market is contingent on the buyers’ ability to absorb the excess ETH. While it may apply short-term bearish pressure, the market’s perception will dictate the ultimate outcome. A panic-induced sell-off could depress prices further, but if perceived as a normal profit-taking event, it may invite buyers looking for an entry point, thus supporting price stability or recovery.</p>
<h2 id="technical-and-ecosystem-indicators-for-ethereum">Technical and Ecosystem Indicators for Ethereum</h2>
<p style="text-align: justify">Currently, ETH trades at $3,571.59, a 27% drop from its peak. A successful breach of the resistance at $3,674.23 could halt the current downtrend and push the price towards $4,081.55. Nevertheless, a declining Chaikin Money Flow hints at reduced investment inflow, potentially signaling a stagnant or downward trend ahead for ETH’s price.</p>
<p style="text-align: justify">Ethereum’s ecosystem maintains its vibrancy, reflected in consistent gas usage, which bodes well for ETH’s prospects. On the other hand, the recent slump in <a href="https://en.bitcoinhaber.net/rapper-ghostface-killah-launches-unique-bitcoin-ordinals-music-collection" rel="noopener noreferrer nofollow">NFT</a> trades on the network may suggest waning interest in this niche, which could affect Ethereum’s long-term network activity adversely.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereums-price-holds-as-major-investor-sells-thousands-of-eth" rel="noopener noreferrer nofollow">Ethereum’s Price Holds as Major Investor Sells Thousands of ETH</a></h5>

Ethereum’s Price Holds as Major Investor Sells Thousands of ETH

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