Recent transactions by major Ethereum holders indicate potential price drops in the market. Whales have started offloading assets, signaling high volatility.
Large Sales by Ethereum Whales
According to on-chain data, two major wallets, 0x14e4 and 0x26Bb, likely controlled by the same whale, withdrew 95,920 ETH, valued at approximately $237 million. In the last 20 days, they have also transferred 62,289 ETH (about $154 million) to known exchanges like HTX, Bybit, and OKX.
Current Volatility and Technical Analysis
Historically, such large transfers to exchanges have been seen as indicators of upcoming volatility, typically skewed downwards. Presently, Ethereum's price struggles to remain above the 100-day EMA around $2465, repeatedly being rejected near the 200-day EMA around $2530. Declining volume and a stagnant RSI are also raising concerns among traders.
Market Outlook for Ethereum
Given the current actions of whales and their tendency to offload, there is a risk of deeper corrections. If the market fails to attract new buying activity, there is a probability of revisiting the $2300-$2400 range. Traders should be mindful of these signals, as ignoring them can put investors at risk.
The actions of large Ethereum holders create uncertainty in the market. If selling pressure continues, it could lead to more serious consequences for Ether's price levels.
