Amid Ethereum's price rise to $3,470, significant sell-offs by major holders of the cryptocurrency have raised market concerns.
Large Ethereum sales
According to blockchain data, two major Ethereum holders sold a total of 178,080 ETH, worth approximately $528 million. The first organization, Trend Research, acquired 184,115 ETH at an average price of $2,118 and realized significant profit by selling 79,470 ETH at around $3,145.
Market structure of Ethereum
Despite recent sell-offs, the market structure for Ethereum remains strong. The cryptocurrency is trading well above all significant moving averages, including the 200-day, and has decisively broken past long-standing resistance levels. However, the recent spike in the Relative Strength Index (RSI) to 83.46 signals potential market overbought conditions.
Prospects and risks
Considering the $528 million in sales, many experts are questioning how stable Ethereum's further growth will be. While the asset maintains growth potential, the next levels around $3,200-$3,300 will be critical tests of its stability. The behavior of large players is expected to continue impacting the market.
The situation in the Ethereum market requires careful observation: the sell-off of large volumes may signal changes in investor sentiment. Investors should exercise caution given potential price fluctuations.
