🔻 Ethereum Under Pressure: Whales Sell $2.5 Billion of ETH - Will This Affect the Market?
Despite significant sell-offs by major holders, Ethereum remains stable and shows potential for a breakout.
📉 What Happened:
— Addresses holding 1 million to 10 million ETH sold over 1.06 million ETH (approximately $2.57 billion)
— Typically, this would lead to a market crash, but ETH remains strong at $2424
— Key support range: $2344 - $2421 (65.8 million ETH, approximately $159 billion)
🛡 Price Resilience Comes From:
— Strong demand zone (IOMAP)
— Investors are unlikely to sell at break-even or at a loss
— ETH has broken a 3-week downtrend
📊 Possible Scenarios:
🔸 Breakout at $2476 → Rise to $2606
🔸 Break below $2344 → Possible drop to $2205
🤔 Should You Be Concerned?
Whales are taking profits, but the market is still holding firm. Is this a strong signal - or the calm before the storm?
🔘 ETH Set to Rise
🔘 Market Remains Weak
🔘 Watch for a breakout above $2476
🔘 Possible revisit to $2200 - Confirming a bull trap