Ethereum's recent surge to $3400 is marked by significant sales from major investors. This trend raises questions about potential short-term market fatigue.
Major Sales Among Whales
Ethereum, the leading altcoin, has risen in price beyond $3400. Meanwhile, a significant sell-off totaling $528 million occurred. Two major players sold a combined total of 178,080 ETH, generating considerable profits. Despite Ethereum's ongoing upward trend, these actions may indicate short-term market fatigue.
Insights from Trend Research
Trend Research strategically acquired 184,115 ETH between late February and June at an average rate of $2,118. Amid the recent rally, they sold 79,470 ETH for an average price of $3,145, earning approximately $250 million. With initial investments around $390 million, the company significantly boosted its earnings with these transactions.
Impact of Anonymous Investors
An anonymous investor also played a role in the massive sell-off. This whale accumulated 132,536 ETH from June 11-22 at an average price of $2,518. Recently, they sold 98,610 ETH for an average of $2,819, securing $278 million in gains. Their wallet retains 35,022 ETH, valued at about $117.5 million, suggesting a gradual rather than complete market exit.
Despite these large transactions, Ethereum's price remains resilient, trading above key support levels. Should the cryptocurrency maintain support between $3,200 and $3,300, bullish momentum could persist, providing traders with ongoing opportunities for profitable transactions.
