Since breaking below $1,900, Ethereum has experienced a strong bearish rally. The altcoin extended its decline to $1,800.
At the time of going to press, ETH traded at around $1,843 after gaining 0.35% over 24 hours. It remained 2% weekly.
With Ethereum struggling to keep climbing, some whales appeared to be reducing their visibility.
Why did this whale sell 30K ETH?
Ethereum (ETH) The whales showed signs of increasing distribution amid prolonged market weakness.
Onchain Lens also reported that one whale sold 30,000 ETH worth $55 million through Galaxy Digital’s top table. The wallet exchanged ETH for USDC before depositing the money to Coinbase.
The transaction showed that this wallet left its ETH position. However, one sale could not explain the market’s high confidence.
Interestingly, this whale was not alone. Over the past week, 188 Ethereum whales moved to the distribution, dropping 462,631 ETH.
In contrast, 167 whales moved to accumulate and bought 448,638 ETH, according to Swiss Whale Intelligence.
Therefore, the distribution exceeded the concentration of 13,993 ETH, revealing a slight imbalance rather than a strong whale capture.
Over the past 30 days, 661 Ethereum whales have reportedly switched to trading. However, the dataset did not have a similar collection rate.
The sell-off was also seen on the exchanges, where the Netflow Exchange turned negative for three days.
The Netflow exchange reached 3,100 ETH at the time of press, indicating that inflows have passed abroad. A large exchange can increase the amount available to sell quickly, increasing the pressure on ETH.
Can ETH withstand the whale rush?
Ethereum struggled to keep up as the distribution of whales increased.
Nevertheless, technical indicators maintained a bias despite the weak price of ETH. The Aroon Up stood at 78, above the Aroon Down reading of 28. This indicated that ETH recorded a higher recent high than its recent lows.
MACD also maintained an upward trend and reached 35, supporting the remaining bullish trend.
Together, these indicators suggest that traders are not fully protected despite the rise of the whale split. If the selling continues, ETH could fall to $1,700. However, taking the feed would set the cow back $1,900.
Brief Summary
- One whale sold 30,000 ETH worth $55 million through the Galaxy Digital desk.
- The distribution of whales went through a gradual accumulation, while technical indicators maintain bias.
