24/7 Cryptocurrency News

Ethereum Whales Sold Close to 1 Million ETH In December 2022, More Fall Coming?

On the upside, Ethereum has a very strong resistance at $1,227 levels since 4 million addresses have purchased a total of 15 million ETH at this levels. 
Published by
Ethereum Whales Sold Close to 1 Million ETH In December 2022, More Fall Coming?

Along with Bitcoin, the world’s second-largest cryptocurrency Ethereum (ETH) has come under severe selling pressure after the collapse of the crypto exchange FTX. The ETH price has lost under $1,200 as investor confidence wanes.

This month of December 2022 was even more concerning as Ethereum whales sold close to 1 million ETH coins so far. Citing data from Santiment, popular crypto analyst Ali Martinez writes:

Ethereum whales holding between 10,000 and 100,000 $ETH have sold or redistributed around 880,000 #ETH since December 2022.

Courtesy: Santiment

As of press time, ETH is trading 0.3% down at a price of $1,194 and a market cap of $146 billion. The ETH price has very strong support at $1,175 levels wherein 1.24 million addresses hold a total of 2.27 million ETH.

In comparison to the support on the downside, the resistance at $1,227 is much more significant since 4 million addresses have purchased a total of 15 million ETH at these levels.

Courtesy: IntoTheBlock

While several altcoins have delivered strong returns even post-FTX collapse, Ethereum has refused to join the party. Instead, it has largely been following the price action of Bitcoin and continues to be under selling pressure.

Currently, there’s no clear catalyst for the ETH price to change course but investors are optimistic going into 2023.

Unlike Ethereum, Other Altcoins Take the Lead

Although the Ethereum price action hasn’t been exciting, there are a few altcoins making strong moves this month. One such altcoin is Litecoin (LTC) which has been on investors’ radar and is seeing strong whale participation. Along with Litecoin, Binance’s native tokens BNB and BUSD have seen a major spike in large-value transactions. On-chain data provider Santiment reported:

“Litecoin whale transactions have been much higher than normal in the second half of December. Additionally, #Binance‘s native tokens $BNB and $BUSD are both seeing high spikes in $1M+ valued transactions of their own”.

Courtesy: Santiment

Terra Classic (LUNC) was also among the top-performing altcoins over the last week. However, it entered a sharp correction after crypto exchange Binance suspended the LUNC burn program.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

US Shutdown: Bitcoin, Gold, and Silver Rally as Govt. Shutdown Odds Jump to 85% on Polymarket

Amid high chances of a US shutdown from October 1, hedge assets like Bitcoin, Gold…

September 30, 2025
  • 24/7 Cryptocurrency News

SEC Halts Trading In Solana Treasury Stock QMMM After Share Price Surges 959%- Market Manipulation?

The U.S. SEC has suspended trading in the QMMM stock following a nearly 1,000% increase…

September 30, 2025
  • Bitcoin News

BREAKING: BlackRock Amends Bitcoin ETF (IBIT), Ethereum ETF (ETHA) Amid New Milestone

Financial services giant BlackRock filed with the U.S. Securities and Exchange Commission (SEC) to amend…

September 30, 2025
  • 24/7 Cryptocurrency News

Bloomberg Analyst Says XRP ETF Approval Odds Now 100% as Expert Eyes $33 Rally

Bloomberg analyst Eric Balchunas now says the odds of approval of crypto spot ETFs, including…

September 30, 2025
  • 24/7 Cryptocurrency News

Hester Peirce Says US SEC Willing to Foster DePIN and RWA Tokenization Projects

US SEC Commissioner Hester Peirce has issued statements declaring the commission's support for innovative and…

September 30, 2025
  • 24/7 Cryptocurrency News

SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable

The U.S. Securities and Exchange Commission has placed cryptocurrency at the top of its current…

September 30, 2025