Four Ethereum Whales Sell $106 Million Worth ETH, Sub $3000 ETH Price Soon?

Bitcoin and the wider cryptocurrency market face significant selling pressure, resulting in over $900 million in liquidations within the past 24 hours. Ethereum (ETH) has witnessed a substantial decline, plunging by a remarkable 8% and reaching levels as low as $3,250.

Ethereum Whale Action

The whale transaction in the Ethereum ecosystem have shot up significantly adding up to the selling pressure on Ethereum. In response to the recent market downturn, four significant whales or institutions have offloaded a substantial amount of Ethereum (ETH), totaling 31,683 ETH, valued at approximately $106 million.

According to data provided by Lookonchain, the transactions involved major players in the cryptocurrency space, including Cumberland, 0xC3f8, 0x1717, and Alameda/FTX.

Cumberland was observed depositing 17,206 ETH, equivalent to $57.3 million, onto various exchanges. Similarly, wallet address 0xC3f8 transferred 7,976 ETH, valued at $26.6 million, to Binance, while 0x1717 deposited 4,000 ETH, amounting to $13.32 million, into exchange platforms.

Additionally, Alameda/FTX was noted to have deposited 2,500 ETH, equivalent to $8.33 million, into Binance.

These significant sell-offs come amidst market volatility and serve as indicators of large-scale movements by institutional investors and whales.

On the other end, whale deposits to exchanges seem not to be stopping anytime soon. As per another report from Whale Alert, an unknown wallet has transferred $158 million of ETH to Binance. This massive ETH movement to exchanges increases the risks of further sell-off in the open market.

Crypto Analyst Fred Krueger Sounds Alarm on Ethereum

In a notable statement, crypto analyst Fred Krueger expressed concern over the Ethereum (ETH) ecosystem, suggesting that its narrative is fading amidst several challenges.

Krueger highlighted multiple factors contributing to what he perceives as the decline of the ETH story. These include ongoing investigations involving the Ethereum Foundation, as well as a Wells Notice issued for UniSwap, a major decentralized exchange platform operating on Ethereum.

Furthermore, Krueger pointed out the absence of an Ethereum Exchange-Traded Fund (ETF) in the near future, potentially dampening investor sentiment. He also noted a shift away from non-fungible tokens (NFTs) towards ordinals, indicating changing trends within the Ethereum-based digital asset space.

Additionally, Krueger mentioned the emergence of Solana as a competitor, posing a threat from the left flank, implying increasing competition for Ethereum in the blockchain ecosystem.

Lastly, Krueger remarked on the diminishing appeal of the “Ultra Sound Money” narrative associated with Ethereum, suggesting a shift in market sentiment and narrative dynamics surrounding the blockchain platform.

The Ethereum price has lost major support levels amid the recent correction. If the selling pressure persists, there’s a high chance of ETH taking a dip under $3000.