Ethereum Price Under Pressure as Whale Moves $124 Million ETH to Exchange

Ethereum (ETH) is showing new selling pressure as early investors begin exiting, while market demand continues to slow down. Large transactions from long-term holders and weakening accumulation are raising concerns about ETH’s short-term price direction.

Ethereum Faces Heavy Whale Selling

As reported by prominent crypto analyst Crypto Patel, a long-term Ethereum investor has been unloading a major portion of their Ethereum holdings. This ETH whale initially acquired 154,076 ETH with an average price of around $517.

Source: X

In the past two days alone, 40,251 of its ETH holdings worth $124 million were sent to the exchange Bitstamp. Despite this sale, this ETH whale’s account still possesses 26,000 ETH, worth approximately $80 million.

Moreover,  the analyst highlighted that this early investor was able to expand an initial investment of around $80 million to over $550 million at the peak price of ETH. However, the recent sales indicate that the early buyers may be taking profits even as the smaller buyers wait for a new all-time high. This has added more pressure to the price of ETH.

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Ethereum Faces Institutional Buying Slowdown

Furthermore, another analyst, Ted, pointed out weaknesses on the institutional side. The ETH-based treasury firms were taking purchasing interest quite at first. But this trend has now begun to slow down.

Source: X

BitMine was taking buying interest in buying ETH before. But now, it has slowed down. Otherwise, ETH could have a hard time keeping moving upward.

At the time of writing, ETH is trading at $3,091, marking a drop of 0.87% over the last 24 hours. The total trade volume for the last 24 hours is recorded to be around $12.75 billion, with the current market cap of ETH being around $373 billion.

Source: CoinMarketCap

Overall, ETH is one of the largest and most followed cryptos, but it appears that the liquidation of early investors, coupled with a slowdown in purchases for treasuries, might form a resistance for growth.

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