Ethereum Price Could Struggle for ATH Due to Whale Sales

Ethereum Price Faces Struggles with Whale Selling Pressure

Ethereum Price– The cryptocurrency market experienced a surge in buying activity on Wednesday following Donald Trump’s win in the 2024 U.S. presidential election. Bitcoin hit a new high, rising 8.8% to $75,400, and helped fuel a broader recovery in the altcoin market. However, Ethereum (ETH) faced significant resistance, as ongoing sales by a large crypto whale continued to weigh on its price. At the time of writing, Ethereum was trading at $2,647, showing a 9.89% intraday gain, but analysts are cautious about its ability to break its all-time high (ATH) due to the heavy selling pressure.

As Ethereum’s price shows some upward movement, a looming question remains: can ETH break past its resistance and set a new ATH, or will whale sales continue to stifle its growth? Here’s an analysis of Ethereum’s current performance and the potential roadblocks it faces.

Whale Activity: Ethereum Sales Pressure Continues

Ethereum’s price action has recently been influenced by heavy selling from a crypto whale who received a significant portion of their ETH holdings through an initial coin offering (ICO). On November 6, following Trump’s election win, this whale transferred 25,000 ETH—valued at approximately $65.63 million—to the Kraken exchange, with the transaction executed at an average price of $2,625. This marks another major sale in a series of transactions by the whale, which has now sold 90,000 ETH out of a total 150,000 ETH received.

Historically, these whale sales have been associated with bearish market sentiment and significant price corrections. The whale’s recent selling spree could be adding to the selling pressure, potentially preventing Ethereum from breaking through its resistance and delaying the path to a new all-time high.

Whale Sales Breakdown:

• July 2019: Sold 5,000 ETH at $218 ($1.09 million).
• June 2024: Sold 10,000 ETH at $3,539 ($35.39 million).
• Sept-Oct 2024: Sold 50,000 ETH at $2,516 ($125.34 million).
• November 2024: Sold 25,000 ETH at $2,625 ($65.63 million).

As these significant sales continue, Ethereum’s potential to gain substantial momentum is diminished, and traders are wary of how these sales might continue to influence the price in the short term.

Ethereum Price Stagnates Within a Symmetrical Triangle Pattern

Ethereum has shown a pattern of consolidation over the past three months, remaining within a symmetrical triangle on the chart. This pattern indicates a market indecision, with neither bulls nor bears asserting dominance. The price action has been confined within two converging trendlines, indicating a lack of clear direction.

Currently, Ethereum’s price is trading at $2,661, still within the symmetrical triangle and just 3% away from a potential breakout. The surge seen in today’s price action is a positive sign, but sellers are actively defending the key resistance level, making it difficult for ETH to break out and initiate a sustained rally.

In order for Ethereum to confirm a bullish breakout and drive the price higher, it needs to overcome the resistance within the triangle. If Ethereum manages to close above this resistance level, the bullish momentum could propel the price to new heights, potentially surpassing the $3,500 level.