Price Analysis

Will Ethereum Price Fail $3,000 Breakout as Whale Selling Prolongs?

Ethereum price faces $3,000 breakout challenges as whale selling prolongs consolidation. On-chain data and technical indicators hint at a potential further decline.
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Will Ethereum Price Fail $3,000 Breakout as Whale Selling Prolongs?

Highlights

  • On-chain data indicates that whale selling activity could extend Ethereum's price consolidation and delay its breakout above $3,000.
  • A bearish crossover between the 20-and-50-day exponential moving average could increase the market selling pressure.
  • Since June 2022, an ascending trendline has offered dynamic support to ETH price to maintain its long-term uptrend.

The crypto market entered November on a slightly bearish note as Bitcoin plunged below $70,000. Some analysts believe this downturn is a temporary selling pressure ahead of the U.S. presidential election. However, ongoing ETH whale selling casts doubt on Ethereum price recovery, raising concerns about a potential failure to break through the $3,000 level.

Currently, the ETH price trades at $2,459 with an intraday loss of 1.38%. According to Coingecko, Ethereum’s market cap is at $297.4 Billion, and the 24-hour trading volume is at 12.34 Billion.

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Will Whale Selling Prevent Ethereum Price from $3,000 Breakout?

According to onchain data highlighted by EmberCN, a crypto whale that withdrew 96,638.9 ETH from Coinbase at $1,567 in September 2022 resurfaced after 40 days. Earlier today, this large holder transferred 15,000 ETH ( worth approximately $36.7M) to the crypto exchange Kraken.

Over the past eight months, the associated wallet has transferred a total of 85,000 ETH (worth around $251.04M) to Kraken, realizing a profit of up to $117.81M. However, the whale still holds 11,638.9 ETH ($28.55M), indicating the risk of further selling.

Whale Selling | EmberCN

Moreover, a Cosmos Network wallet (0xE8…57d3) transferred 3,500 ETH, valued at around $8.72 million, to Coinbase Prime at 0:50 UTC+8 today. According to Arkham intelligence data, this wallet still holds a substantial 20,087 ETH worth about $49.85 million, acquired from its ICO allocation in 2017.

Typical whale/institution selling coincides with major market tops and is often a precursor of a fresh correction trendline. This selling pressure hints that the Ethereum price could witness a stalled recovery momentum and may struggle to break the $3,000 level.

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ETH Chart Signals Potential 12% Drop Before Major Support Retest

Over the past three months, the Ethereum price prediction has showcased a sideways trend resonating strictly between the $2800 and $2150 levels. The daily chart showing price swings on either side indicates a lack of conviction from buyers and sellers. 

Amid the market uncertainty and overhead supply, the ETH price plunged from $2,722 to $2,470 in the last four days, registering a 9.1% drop. If the large holders’ selling continues, the Ether price could plunge another 12% down to seek support at $2,150.

A bearish alignment between the crucial daily EMAs (20, 30, 100, and 200) signals the possibility of prolonged correction.

ETH/USDT -1d Chart

On the contrary note, if the upcoming U.S. election renews the bullish momentum in the crypto market, the Ethereum price could rebound from $2400. The aforementioned level coinciding with a long-coming support trendline could drive the ETH price to break the $2,800 range barrier.

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Frequently Asked Questions

Why is Ethereum struggling to break the $3,000 level?

Ongoing ETH whale selling has increased market pressure, casting doubt on Ethereum's price recovery

What could happen if whale selling continues?

Continued whale selling could lead to prolonged price consolidation and a potential drop in ETH price by up to 12%, to hit $2,150.

Is there a chance for Ethereum to recover and break the $3,000 barrier?

If the upcoming U.S. election reignites bullish momentum in the crypto market, ETH could rebound from the $2,400 level and break $3000 barrier.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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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.
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