📉 Large Ethereum Holders Continue to Sell. Ethereum is trading around $2,600, down over 35% from its December 2024 high.⛷️
The $ETH price drop comes as investor demand is declining. On Wednesday, the net outflow from ETH spot funds was $40.95 million.
☢️ We are seeing all the signs that large holders are dumping ETH. According to Lookonchain, one “crypto whale” moved 20,000 Ethereum worth $52.8 million to the Kraken exchange. The same “whale” sold 20,000 altcoins in January, and now has ETH worth $134 million.
🥵 It is no secret to traders that the Ethereum price will continue to decline.
✖️ The altcoin’s daily chart formed a death cross pattern as the 50-day and 200-day exponential moving averages crossed each other. This cross is considered one of the most bearish patterns in technical analysis. ✖️ When Ethereum formed a death cross in August last year, its price dropped by more than 20%.