Ethereum

bullish

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Ethereum (ETH) has been trying to break the shackles and claim the next highs. However, the overall sentiment appears to be too negative at this point in time. Not only is the ETH price facing rejections from the next levels, it is also not getting the required support from crypto whales.
Multiple Ethereum whales have recently been spotted selling their ETH holdings. It is a shocking situation because the broader sentiment on the crypto market is still on the bullish side.&nbsp;<a href="https://u.today/5-reasons-why-bitcoin-btc-can-rally-in-uptober" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, the leading coin on the market, is holding well above the $64,000 price level. Some altcoins are also performing well, but ETH has failed to gain any momentum.
The pressure is increasing as whales are not slowing down their selling activity. Earlier today, crypto tracking service Whale Alert&nbsp;<a href="https://x.com/lookonchain/status/1840956483602956388" rel="noopener noreferrer nofollow">tweeted</a> that a large investor sold 22,480 ETH in the last two days. These coins are estimated to be worth around a whopping $59 million. Such movements from whales are hindering a potential ETH price rally.
<h2 dir="ltr" id="whales-go-bearish-on-ethereum">Whales go bearish on Ethereum</h2>
Providing more details about the recent transactions, Whale Alert mentioned that this whale withdrew 24,000 ETH, worth around $63.07 million, from staking solution Lido in the last two days. The Ethereum whale then deposited 22,480 ETH, valued at $59.08 million, to crypto exchange Coinbase through multiple addresses.
Whale Alert further revealed that the whale currently holds 7,000 ETH, valued at $18.37 million. While not confirmed, it is likely that the investor will sell these coins too. If it happens, it will further increase&nbsp;<a href="https://u.today/xrps-fate-in-uptober-might-stun-crypto-market-bulls" rel="noopener noreferrer nofollow">selling pressure</a> on the leading altcoin on the market, potentially triggering a price decline.
As of now, Ethereum is trading at $2,637 after a slight increase of 1.26% in the last 24 hours. While this surge is still appreciated by the community, ETH has remained stuck around this $2,600 level. It needs to break out of this channel in order to ignite a more sustained price rally and potentially hit the $3,000 price milestone.

Ethereum (ETH) Whale Triggers $59 Million Selling Pressure

Table of Contents

U_Today

Other articles published on Oct 1, 2024

UAE Emerges as AI Hub Amid U.S.-China Tech Race

CleanSpark still to restore 165MW in aftermath of Hurricane Helene

Metaplanet Boosts Bitcoin Investments with New Acquisition

Russia’s central bank to probe crypto-linked cross-border transfers, banking channels

Pollak Strengthens Coinbase’s Management Team

Recent Developments Impact Cryptocurrency Markets

Join our free newsletter for daily crypto updates!