Whale Sells $23.4 Million Worth of Ethereum (ETH), Impacting Altcoin’s Price – ETH Drops 2.26% in 24 Hours

Whale Sells $23.4 Million Worth of Ethereum (ETH), Impacting Altcoin’s Price – ETH Drops 2.26% in 24 Hours

Crypto News – In a recent report published today by the on-chain tracking platform Lookonchain, it was disclosed that a substantial Ethereum (ETH) holder, often referred to as a ‘whale,’ realized a profit exceeding $2 million. This significant player in the cryptocurrency market had maintained a long position in Ethereum, but circumstances compelled them to liquidate 12,048 ETH tokens, with a total market value of $23.4 million, in order to settle outstanding debts.

The whale in question had initially acquired 12,047 ETH from the Binance exchange on October 23, 2023, when the prevailing market price was approximately $1,768 per token. Notably, Lookonchain’s findings reveal that the whale had leveraged Ethereum through lending platforms such as Aave and Compound, indicating a bullish stance on the cryptocurrency.

The impact of the whale’s sizable sale was keenly observed within the Ethereum market, as data sourced from the cryptocurrency market tracking platform, CoinMarketCap, showed a 2.26% decrease in ETH’s price over the past 24 hours. Consequently, Ethereum was trading at $1,932.55 at the time of this report.

This downward price movement reflects a broader trend of decline for Ethereum over the preceding week, with CoinMarketCap reporting a 5.94% decrease in value during this period.

From a technical analysis standpoint, Ethereum breached the critical support level of $1,945 within the past 24 hours, raising concerns about the potential for continued decline in the coming days. This scenario could see ETH testing support at levels as low as $1,830 in the short term.

However, it’s worth noting that the bearish outlook may be revised if Ethereum manages to close a daily candle above the $1,945 mark within the next 48 hours. In a more optimistic scenario, Ethereum could set its sights on the next significant resistance level at $2,065. Should the leading altcoin succeed in transforming this resistance into a support level, it may lay the groundwork for a potential ascent to $2,300.

Market participants, including traders and investors, should take note of the recent development in the Moving Average Convergence Divergence (MACD) indicator. The MACD line has recently crossed below the MACD Signal line, indicating a strengthening bearish trend for Ethereum.