Ethereum Price Faces Selling Pressure from Whales; Will ETH Dip Below $1.5K Again?

Ethereum price is facing selling pressure as major wallet holders are seen selling at a loss. ETH is facing selling pressure that has left many wondering whether ETH would return to the $1,500 mark in the foreseeable future.

Whale Movement Implies Uncoordinated Market Positioning

Latest blockchain data indicates that long-term holders are giving up even after they had held positions in earlier market cycles. Selling is happening when Ethereum is holding in the area of $1,550 to $1,700. This has given contradictory signals to analysts and traders who are divided on short-term price movement.

Blockchain monitoring firm Lookonchain has shown a huge capitulation by a single Ethereum investor who sold off 1,160 ETH at a huge loss recently for about $1.83 million.

According to their data, this investor had withdrawn the same amount from cryptocurrency exchange OKX about 11 months ago when Ethereum price was at $3,816. By selling at $1,580, the investor realized a 58.6% loss totaling $2.6 million.

However, not all large holders are exiting positions. CryptoGoos analyst stated that other large investors have recently purchased approximately 77,000 ETH valued at $125 million. This indicates high interest in purchasing at present ETH prices. This unusual behavior by large holders creates uncertainty in the market situation.

IncomeSharks highlighted the significance of profit-taking on rallies in price instead of accumulating every dip. He clarified that summing up continually doesn’t necessarily pay as a strategy. The analyst admitted to failing to take profits from their own ETH holdings and warned against taking cryptocurrency trades emotionally.

Technical Analysis Offers Both Possibilities For Ethereum Price

Analysts do not agree on the current Ethereum price action and the future trajectory. Analyst CrypNuevo pointed towards the $1,700 to $1,550 price level, stating that it looks like past price action. The analyst is bullish since Bitcoin is holding its 1-week 50 EMA support level for a bull run. He stated that this may be bullish for Ethereum. Because of this analysis, CrypNuevo mentioned that he executed significant spot purchases in this price zone.

Analyst Belle is more optimistic. She believes that Ethereum price is preparing for a huge transformation while others are focusing on other things. The analyst pointed to robust weekly trends, solid support levels, and growing momentum as indicators that are positive for ETH.

Crypto Rover analyst has indicated that there are strong possibilities of a bullish cross in Ethereum technical indicators. One analyst even predicted the most hated rally for Ethereum price as its market share slips.