Recently, Ethereum's price declined after large holders and whales sold millions of dollars worth of
$ETH tokens within a week. The recent market activity by ETH whales resulted in a bearish sentiment for Ethereum.
Its price has already gone below $2,300. Many ETH holders are selling off their tokens to avoid potential losses. Also, the latest selling activities by ETH large holders are impacting the overall cryptocurrency market's value.
This cryptocurrency is struggling to find support and continued selling pressure. Now, market analysts have shared their opinions on the future of Ethereum price.
Ethereum Whales Selling Activity Within A Week
Major ETH whales have liquidated their 440,000 ETH collectively during the previous week. It resulted in the panic selling of Ethereum among large holders.
The selling activity resulted in the Ethereum's price recording a weekly decline of 14% and a monthly drop of 26%. Also, whales are still continuing with large-scale liquidations, which drive market volatility.
A wallet 0xc725…839d liquidated 8,074 ETH worth $19.63 million at an average price of $2,431. Then, another wallet 0x07Fe…A26D deposited 10,000 ETH worth $23.44 million to Binance.
Large exchange deposits like this can make individuals sell their assets and create bearish pressure in the market. Also, outflows from Ether ETFs resulted in the decline of ETH's price.
Spot Ether ETFs experienced total withdrawals of $94.3 Million. Then, BlackRock’s ETHA fund resulted in the biggest withdrawal of $68.4 million. Both events resulted in the total ETH outflows.
Market Reaction On Ethereum's Future
Ethereum is still showing a bearish price movement as the BTC/Ethereum MVRV Momentum Oscillator points to downward momentum. This cryptocurrency is struggling to hold the $2,200 lower boundary of a rectangular channel.
If ETH still fails to hold this $2,200 level, it could decline to test the support near $1,500. According to market analysts, this cryptocurrency needs to reclaim the $2,500 mark for a potential trend reversal.
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