Ethereum

Impact

Bidesk

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-whale-shakes-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Whale Shakes Market</a><br></p>
<p style="text-align: justify">The Ethereum (ETH) community has been alarmed by continuous large-scale sales from a specific whale. This individual, who initially purchased 1 million ETH at $0.31 during Ethereum’s ICO, has recently made another significant move by transferring 5,000 ETH to the OKX exchange. Consequently, the price of ETH has dipped below $2,500, marking a 4% decline.</p>
<h2 id="why-are-ethereum-sales-increasing">Why Are Ethereum Sales Increasing?</h2>
<p style="text-align: justify">Over the past month, this whale has offloaded a staggering 48,500 ETH, equivalent to around $154 million, to the OKX exchange. The ongoing sales have resulted in mounting concerns within the Ethereum market. Sales began with 1,000 ETH on July 8, 2024, and have since escalated, including transfers of 1,500, 2,000, 2,200, and most recently 2,800 ETH, with the latest 5,000 ETH transfer adding to the pressure.</p>
<p style="text-align: justify">This heightened selling activity has caused ETH’s price to fall below the $2,500 threshold, unsettling <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. The whale still retains 951,500 ETH, valued at approximately $2.41 billion at current market rates. Any additional significant sales could destabilize the price further.</p>
<h2 id="what-are-the-key-risk-factors-for-ethereum">What Are the Key Risk Factors for Ethereum?</h2>
<p style="text-align: justify">Technical analysis suggests growing selling pressure, particularly if the 50-day and 200-day moving averages cross, potentially forming a “death cross” and plunging ETH’s price to $1,830. Additionally, recent long position liquidations have exacerbated fears of further price drops.</p>
<p style="text-align: justify">Interestingly, there was a $105 million inflow into spot Ethereum ETFs last week. However, this was followed by three consecutive days of outflows, indicating mixed sentiments among investors.</p>
<h3 id="market-impact-analysis">Market Impact Analysis</h3>
<p style="text-align: justify">– Continuous large-scale sales could lead to a significant drop in Ethereum’s price.</p>
<p style="text-align: justify">– Large holdings by a single entity pose a risk of sudden market shifts.</p>
<p style="text-align: justify">– ETF inflows and outflows reflect divided market confidence.</p>
<p style="text-align: justify">Moreover, market rumors suggest that the Chinese government might have moved ETH from the Plus Token ponzi scheme to the Bidesk exchange in 2021. Although the transfer of 789,534 ETH, worth around $2 billion, might not have immediate effects, it adds to the cautious sentiment surrounding the Ethereum market.</p>
<p style="text-align: justify">Given the whale’s ongoing sales, technical risk factors, and mixed ETF signals, investors should approach the Ethereum market with caution.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-whale-shakes-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Whale Shakes Market</a></h5>

Ethereum Whale Shakes Market

Table of Contents

BH NEWS

Other articles published on Aug 12, 2024

XRP ETF Speculation Fuels Spike in Options Market Activity

Terra Classic & Terra Price Trigger a Rebound: Will LUNC & LUNA Price Maintain a 25% Upswing This...

Top Crypto Gainers Today Aug 12 – Aelf, Curve DAO Token, Sui Crypto, Compound

Is It Too Late To Buy PONZIO? Ponzio The Cat Price Soars 45%, But Experts Say This 2.0 SHIB Might...

ICO Whale Transfers $154M in ETH to OKX Amid Gas Fee Dip

Investors Celebrate SUI Token’s Price Surge

Join our free newsletter for daily crypto updates!