In light of the weak market sentiment, Ethereum whales have conducted massive sell-offs, potentially impacting the cryptocurrency's future price movements.
Whale Sell-offs and Mass Liquidation
According to data shared by crypto analyst Ali Martinez, prominent market players have offloaded over 430,000 ETH in the last two weeks. This marks a significant shift from their previous accumulation strategy.
Individual Deals and Interest in ETH
However, one whale known as a 'Bitcoin OG' continues to invest in ETH, completing a $109 million transaction. Reports indicate this investor has purchased about $3.4 billion in ETH.
Risks of Dropping Below $4000
Given the current sell-offs, ETH has already dipped to $4,250, with a potential to fall to the crucial support level of $4,000. Analysts indicate that losing this support could lead to further price declines.
The recent whale sell-off of Ethereum leaves investors uncertain about the future price direction. Continued volatility in the market is expected.
