Crypto whales set to unload ASAP Ethereum hits $3,000? - CryptoCrazeNews

Crypto whales set to unload ASAP Ethereum hits $3,000?

Crypto whales set to unload ASAP Ethereum hits $3,000?

Crypto whales set to unload ASAP Ethereum hits $3,000?

Ethereum (ETH), the biggest altcoin, recently surpassed the $3,000 mark for the first time since April 2022. Data shows that this surge comes in when the Ether network is registering an increase in activity. However, crypto whales are caught making big moves amid the anticipation of several lined up key events.

Ethereum trading at crucial levels

The second biggest digital asset is marching towards the much anticipated Dencun upgrade. With this, the crypto community is waiting for the potential approval of an Ethereum exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). 

However, potential headwinds emerge as large Ethereum holders are facing unrealized losses. This comes with recorded whale activities that indicate the possibility of sell-offs.

The on-chain data trackers have caught crypto whales making huge moves. A mega wallet withdrew 25,104 ETH (approx worth $74 million) from the crypto exchange Binance in the past 24 hours. 

It added that since February 8, this whale has reportedly bought a total of 138,070 ETH (approx worth $391 million). This purchase was made at an average price of $2,829. This move by whales near the $3,000 level raises the possibility of sell-offs.

What’s the trend for ETH?

Despite the recent rally, Ether has failed to set above $3,000 milestone. The $2,984 level, where a huge number of purchases happened could serve as a support zone.

Data provided by IntoTheBlock revealed that around 1.38 million addresses acquired 1.33 million Ethereum (approx worth $3.9 billion). This accumulation comes at an average price of $2,984. It highlighted that these investors are currently facing unrealized losses due to the recent price dip.

Ethereum saw a marginal decline over the last 24 hours after gaining more than 32% in the last 30 days. ETH is trading at an average price of $2,935, at the press time. The last dip potentially creates psychological pressure to sell as Ethereum approaches its break-even point.

ETH’s ability to sustain above this level or break below it may influence short-term market dynamics. A fall below $2,984 could trigger selling pressure while staying above this level might lead to a reversal and target resistance levels at $3,100.

The cumulative crypto saw a slow trading day on Friday as its 24 hour trading volume dropped by 15% to stand at $67 billion. The total market cap dropped by more than 2% over the last day. It now stands at $1.95 trillion.

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