Crypto Analyzer

Ethereum whales dumping ETH as price slides below $4K, data shows By Cointelegraph

The recent bearish market for Ethereum has left the cryptocurrency struggling to retain the interest of its major investors. Ethereum’s native token, Ether (ETH), is indicating potential further losses in the near future, according to blockchain data analytics service Glassnode. The firm reported that the number of Ethereum addresses holding at least 1,000 ETH dropped to 6,292 on Monday, marking the lowest figure since April 2017. This decline is significant compared to the year-to-date peak of 7,239 addresses in January.

This data suggests that Ethereum whales, who are identified by the large holdings of ETH, are offloading their assets as the price of the cryptocurrency slides below the $4,000 mark. The decrease in the number of large ETH holders could be an indication of a lack of confidence in the short-term outlook for Ethereum.

Coinciding with the data from Glassnode, the price of ETH has been on a downward trajectory, as indicated by the daily price chart revealing a falling wedge pattern. This technical analysis signals a potential further decline in the price of ETH. The bearish sentiment is echoed by the ETH/USD three-day price chart, highlighting a challenging period for the cryptocurrency.

Ethereum’s struggle to maintain its value and its whales selling off ETH raises concerns about the overall market sentiment towards the cryptocurrency. Investors and enthusiasts will keenly observe the developments surrounding Ethereum to gauge the potential impact on their investments.

For those interested in learning more about this issue, Coin Telegraph’s article provides in-depth analysis and insights to understand the dynamics at play in Ethereum’s market. The article delves into the implications of the whale sell-off and further explores the technical analysis of the price charts, shedding light on the potential future trends for Ethereum.

As the situation evolves, staying informed about the market movements and trends is crucial for making well-informed decisions and navigating the cryptocurrency landscape effectively. It will be intriguing to monitor how Ethereum and its market respond to the current challenges and if there are any catalysts that could potentially reverse the bearish trend.

Source: [Coin Telegraph](