Ethereum Whales Dump $257M Worth of ETH, Market Outlook Uncertain

Massive Ethereum Whale Dump Raises Concerns

Recent actions by Ethereum (ETH) whales have caught the attention of the crypto community, as they have sold off a staggering $257 million worth of ETH in the last 24 hours. This significant dump has led many investors and traders to wonder about the future of the market – are we heading towards a crash? Why are whales and institutions offloading their ETH holdings?

Whale Sends $257M of ETH to Exchanges

According to on-chain analytics firm CryptoQuant, Ethereum whales have transferred nearly 107,000 ETH, valued at $256.8 million, to cryptocurrency exchanges within a day. Such large movements of assets to exchanges typically create selling pressure, potentially leading to a significant price decline.

However, despite the recent dump, the overall market has seen a recovery since October 5, 2024, without any major price drops for ETH.

Ether’s Current Price Momentum

Currently trading near $2,406, Ether has experienced a slight decline of over 0.75% in the past 24 hours. The trading volume has also decreased by 46%, indicating reduced participation from traders and investors due to concerns of a price drop or market instability.

Ethereum Technical Analysis and Future Levels

Technical analysis suggests that Ether faces strong resistance around the $2,445 level. Following recent geopolitical events impacting market sentiment, ETH tested its ascending trendline support after a price dip. It is crucial for ETH to hold above the trendline and the $2,335 level to avoid further downward movement.

If ETH breaks below the trendline and closes a daily candle under $2,335, there is a strong chance of a continued decline towards the $2,200 level in the near future. Currently, ETH is trading below the 200 Exponential Moving Average (EMA) on a daily timeframe, indicating a bearish trend in the market.