Ethereum

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While Bitcoin moves between $50,000-51,000, Ethereum is at $2,940.
Investors continue to be bullish on ETH in the face of a possible approval by the SEC for a spot Ethereum ETF in May.
At this point, IntoTheBlock data confirms this expectation of investors. Because according to IntoTheBlock data, 1.38 million addresses purchased 1.33 million ETH (worth $3.9 billion) at an average price of $2,984.
Making an evaluation based on this data, Lookonchain pointed out that while 1.38 million addresses were purchasing ETH, whales were selling ETH.
Pointing out that these addresses are at a loss at the current price, Lookonchain said that they may experience selling pressure when their positions reach the break-even point with the purchase price, and that the $ 2,984 level may be a critical resistance level for ETH.
Accordingly, while large investors, namely whales, sold, small, retail investors purchased ETH.
<blockquote>
 “Intotheblock data shows that 1.38 million addresses purchased 1.33 million ETH ($3.9 billion) at an average price of $2,984.
 They are currently at a loss and may experience selling pressure once their positions reach breakeven.
 While these addresses were buying, 4 whales sold 34,134 ETH (worth $100.8 million) close to the price of $3,000.
 0x7102 deposited 16,597 ETH (valued at $48.7 million) on the DEX at $2,934.
 0x702a deposited 8,040 ETH ($23.89 million worth) on DEX and Binance.
 0x9017 deposited 4,809 ETH (worth $14.28 million) on Kraken.
 0x7485 deposited 4,688 ETH ($13,928 million worth) on Binance.”
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Data from <a href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@intotheblock</a> shows that 1.38M addresses bought 1.33M <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($3.9B) at an average price of $2,984.
 They are currently at a loss and may generate selling pressure when their positions reach breakeven.
 4 whales sold 34,134 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($100.8M) near the $3,000 price.
 0x7102… <a href="https://t.co/mFSnvxRgAL" rel="noopener noreferrer nofollow">pic.twitter.com/mFSnvxRgAL</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1760874419059319054?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
At this point, since it is not clear whether 1.38 million addresses are buying long-term or short-term, it seems likely that these addresses will sell and create a selling pressure on the price when a speculation regarding the Ethereum price arises.
However, this data or the possibility of investors selling does not mean that there will be a selling pressure on the ETH price. In this context, do not make your investment decisions based on a single data or possibility. These data are helpful data that are not accurate, have a margin of error, and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/small-investor-collected-ethereum-while-whales-selling-analysis-company-warns-about-short-term-selling-pressure-for-eth/" rel="noopener noreferrer nofollow">Small Investor Collected Ethereum While Whales Selling! Analysis Company Warns About Short-Term Selling Pressure for ETH!</a>

Small Investor Collected Ethereum While Whales Selling! Analysis Company Warns About Short-Term Selling Pressure for ETH!

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