Preparing for the worst? Ethereum Well sells 22 million dollars in ETH

Cryptocurrency investors are reeling after an Ethereum whale dumped several tokens.

While Ethereum founder Vitalik Buterin has publicly denied being behind this significant move, technical analysts are warning that increased selling pressure could push ETH's price lower, possibly to the $1,000 level.

Ethereum Well sells millions in ETH

The cryptocurrency market was in a state of shock today, October 18, as an Ethereum “whale” – a term used for someone who owns a certain amount of crypto – shed a staggering 13,871 ETH. Blockchain analytics firm LookOnChain took to social media to discover this surprising information.

“A crazy whale dumped 13,871 ETH for 21.87M USDC at $1,577 today, October 18. The whale sold 32K ETH ($39.9M) from Bitfinex before the bull market on January 27, 2021, reaching $1,239. This whale experienced a bull run at $4,700. Why are you dropping it now?” the company asked.

Once enjoying the benefits of the bullish market, this Ethereum whale seems to have had a sudden change of heart or strategy.

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While many can only speculate about the identity of this mysterious investor, Ethereum founder Vitalik Buterin felt the need to clarify his position in this storm of recent allegations.

If you see an article that says “Vitalik will send XXX ETH. [exchange]I'm not the one selling it, it's almost always a donation to some charity or non-profit or some other project, and the recipient is selling it because, well, they have to cover expenses. Since 2018, I have not ‘sold' ETH for personal use, Buterin said.

As this Ethereum shipment has caused waves in the cryptocurrency community, several analysts have offered insights into possible future trends.

The rising selling pressure behind Ethereum has opened a window below $1,000 that “wants to close,” noted technical analyst Big Chonis commented on the situation. This suggests that Ethereum could see a significant drop in price that could drop below the four-digit mark.

On the other hand, there is also a glimmer of hope from another corner. Another technical analyst, Income Shark, offered a more bearish sentiment for Ethereum. As he says, “This must be the dip you installed.

If Ethereum is able to maintain its resistance above $1,500, a rally could begin. It could be moving the price to an optimistic $1,800.

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In the often unpredictable cryptocurrency industry, today's events add another layer to an already complex tapestry. While the identity of the Ethereum whale remains a mystery, the market waits to see the results of this massive selloff.