With a staggering 398,891 ETH (worth roughly $1.28 billion), a huge Ethereum whale has begun to sell off a sizable portion of its holdings. Since Nov. 7, this whale has been selling 46,853 ETH for $138 million in USDC at a price of $2,920 per ETH. This whale most recently moved 12,886 ETH, or roughly $41.24 million, to an exchange wallet most likely for sale a few hours ago.
This whale is still in possession of 352,036 ETH, which is worth about $1.27 billion. Concerns regarding the possible effect on Ethereum's price are raised by the continuous extensive selling by such a significant stakeholder. Given that Ethereum has recently risen to about $3,142, these significant transactions raise the possibility that some whales are profiting from current high prices, indicating potential resistance and a short-term price reversal.
ETH/USDT Chart by TradingView
It is important to consider the ramifications of such a major holder selling a significant quantity of ETH. The market may experience more selling pressure when major players begin to sell off parts of their holdings, which could cause a downturn if other whales follow suit. More downward momentum may result from smaller traders and investors noticing the movements and possibly beginning to sell to lock in gains or stop losses. The initial sales price of $2,920 may now serve as a crucial resistance level.
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The market may reverse course in response to increased selling by major players if Ethereum is unable to sustain its upward momentum above this point. Traders and investors must monitor any additional whale movements. The whale may be a sign of a larger trend among major Ethereum holders to sell their holdings at current prices - if it keeps selling at high levels. This situation might position Ethereum for a decline as the market adjusts to this significant surge.
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