Bulls Beware: Whales Transferring In + Heavy Resistance Above
This morning at 10 AM, it was reported that two early Ethereum ICO whales transferred a total of 1546.69 ETH to a centralized exchange, with one of them having deposited nearly 1000 ETH into 0K just 5 hours ago, which is usually a signal of intent to cash out.
From the heat map, the liquidation zone around 2700 is very obvious, and as the price slowly rebounds, the candlestick is approaching the previous bullish accumulation zone and the dense liquidation area, indicating significant pressure.
Currently, the price is fluctuating around 2600~2640. If it cannot hold above 2640, it is likely to trigger a downward movement, liquidating more long positions, especially those who previously bottomed out around 2600 will face considerable risk.
With whales transferring in and heavy liquidations above, if 2640 is unstable, the bulls around 2600 should be cautious of a waterfall liquidation. Stop-loss risk control cannot be relaxed!