The large Ethereum whale, which obtained 200,000 ETH from the Genesis Block in 2015, is approaching the conclusion of its business journey, marking the end of the Ethereum Whale Sell-off Trend. On December 28, 2024, the whale sent 3,370 ETH, about $11.37 million, to the Kraken exchange. This was one of several large sales the whale made throughout the year.
The whale has moved 48,687 ETH worth $171.78 million. The average price for each ETH sold was $3,528. The whale only has 7,594 ETH left, which could be worth anywhere from $25 million to $72 million based on how the market moves. This selling has brought attention to a key time in the history of Ethereum’s market and what it might mean for price changes in the future.
Ethereum’s Stabilizing Phase
Early buyers who sell a lot, like this whale, often make people worry that the price will drop because there are more goods on the market. On the other hand, the whale’s sale is almost over, which could temporarily ease the downward pressure on Ethereum’s price. After its earlier rise, Ethereum has been in a consolidation phase in 2024. The price has been around $3,390, just above key support levels marked by the 200 EMA at $3,006 and the 100 EMA at $3,219.
Ethereum’s Resistance Struggles
The price of Ethereum continues to sustain levels higher than these crucial moving averages, which is an indicator of the relative strength that the market is enjoying compared to other markets. Ethereum’s failure to break higher and recapture earlier resistance levels coincided with the whale’s selling, contributing to the rapid price drops. However, the whale’s selling has also coincided with the difficulty of Ethereum breaking higher.
This is in spite of the fact that the sale of the whale has contributed to the situation. Ethereum’s inability to retest the $4,000 barrier in the last several weeks indicates that the market is still susceptible to negative sentiment. This is because there has been a lack of volume and momentum in the currency market.
Ethereum’s Critical Decision
Ethereum is now in a difficult situation as it struggles to determine whether it should break out of its current formation or continue to consolidate. The direction Ethereum will take in the near run will be determined by how effectively it can maintain critical support levels despite changes in market sentiment and on-chain variables. After the whale’s selling phase concludes, the market will start to calm down, and traders and purchasers should closely monitor any signs of an increase or additional losses.
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Summary
In 2024 alone, the Ethereum Whale Sell-off Trend saw the whale selling over 48,000 ETH, raising worries about price suppression due to the increasing supply. The whale is very close to finishing its liquidation. On the other hand, the sell-off’s nearing completion may stabilize the Ethereum market. The cryptocurrency price has consolidated around critical support levels, and traders should monitor any break below or above these levels to predict future price movements accurately. The future of Ethereum is still unclear, as it is now balancing between consolidation and the possibility of a breakout.
