Despite the $1.3B sale of whales, the price of Ether is $3.7K
Despite early investors selling in the millions, some of the most prominent industry analysts believe that the market price of Ether (ETH) is set for a price crash.
A whale or big investor has started selling Ether after being dormant for more than eight years.
The whale accumulated more than $1.34 billion worth of Ether at an average price of $6, which began selling shortly after Donald Trump won, according to OnChain intelligence firm Loonchain Nov. 22 X Post:
“A whale that has accumulated $398,889 ETH (currently worth $1.34B) is selling for an average of ~$6 USD. After more than 8 years of hibernation, the whale reawakened on November 7th and started selling $ETH. So far 73,356 $ETH ($224.42M) have been sold and 325,533 $ETH (worth $1.1B) remain.”
An Ether Well investor starts selling Ether. Source: Lookonchain
Despite the selling pressure, Ether's price rose more than 7.5% last week and traded above $3,369 at 10:09 am UTC, according to Cointelegraph data.
ETH/USD, 1-month chart. Source: Cointelegraph
Increasingly, more investors are expecting Ether to reach an all-time high due to its correlation with Bitcoin (BTC), which crossed $99,000 on November 22, posting the best monthly candlestick in crypto history, with BTC up more than 40% in November.
Related: US Bitcoin Reserve Could Take BTC To $1M During Trump Presidency
Ether Set To Break $3,700 Despite ICO Wallet And Whale Selling Push
The $1.3 billion whale isn't the only investor putting significant selling pressure on Ether's price.
In the year Cosmos Developer, an early participant in Ethereum's Initial Coin Offering (ICO) in 2017, has also started selling ETH on Interchain.
The Interchain-connected wallet on Nov. 22 had 3,000 ETH worth more than 21,600 Ether worth more than $10.1 million, worth more than $95 million, sold since April 2024, at an average price of $2,591, according to anonymous blockchain analyst EmberCN on X. He wrote. Post.
Cosmos Network Wallet. Source: Arkham Intelligence
The Kosmos network's tokenized address still holds more than 17,000 ether worth $57 million, according to Arkham Intelligence data.
Whales with large holdings can have a significant impact on the value of the underlying cryptocurrency, especially if the entity decides to sell a large amount of its assets on the open market.
Related: Record $9.7B stablecoin inflows could drive Bitcoin to $100K
Despite the selling pressure, Ether is already preparing for a breakout, which could see it revisit the $3,700 resistance, according to anonymous analyst Rect Capital in a November 21 X post:
“Ethereum is currently breaking out of a short-term bullish flag. A confirmed breakout will see ETH revisit the ~$3700 resistance above.
ETH/USD, 1-week chart, bull flag breakout. Source: Rect Capital
Cryptocurrency traders use bull flags as a major chart pattern to identify upcoming price rallies.
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