Ethereum

Ether Whales Continue Sell-off as Ethereum Price Fights for $2,400

2 days ago
Bitcoin Ethereum News

Key Notes

  • Old ETH whales sell major holdings as price trades near $2,400.
  • SharpLink Gaming recently increased ETH holdings, signaling continued institutional interest.
  • Analyst forecasts ETH rally to $3,200 by July-end and $4,000 by September.

Ethereum

ETH
$2 449



24h volatility:
0.6%


Market cap:
$295.63 B



Vol. 24h:
$14.19 B

is facing renewed selling pressure as it struggles to maintain the crucial $2,400 level. After starting the week on a high note, ETH dipped to $2,390 in the early hours of Wednesday before recovering to trade around $2,439 at the time of writing.

In the past 24 hours, ETH has lost around 1% of its value, wiping out around $6 billion in market capitalization. This decline comes amid increased whale sell-off. As per the on-chain data shared by Lookonchain, an Ethereum ICO participant sold another 501 ETH on July 1.


This participant has now sold a total of 14,394 ETH since April 2021 for around $50.1 million at an average price of $3,48. However, they still hold around 2,410 ETH valued at $5.85 million.

Another whale, who had been dormant for three years, deposited 2,450 ETH, worth around $5.94 million, to Kraken. This whale originally withdrew the same amount from Kraken in September 2022 when ETH was priced at $1,305, locking in a profit of $2.74 million.

Interestingly, the unrealized profit for this whale’s holding was over $6.6 million at the peak.

Institutional Buyers Step In Amid Optimism

Despite the ongoing whale sell-off, analysts are institutional investors remain bullish. Nasdaq-listed SharpLink Gaming recently added another 4,951 ETH, worth around $12.4 million, through an over-the-counter purchase.

This follows the company’s earlier purchase of 188,478 ETH at $2,513, showcasing continued institutional interest in the second-largest cryptocurrency.

Crypto analyst Ether Wizz recently shared a bullish price outlook for ETH, noting that the cryptocurrency has followed a Wyckoff accumulation pattern. He highlighted ETH’s recovery from $1,400 in April to a 100% rally, followed by a 25% pullback to retest support at $2,145.

Ether Wizz predicts ETH could rally to $3,000–$3,200 by the end of July and potentially reach $4,000 by the end of September. Currently, CoinMarketCap data shows ETH trading about 50% below its all-time high of $4,891 set in 2021.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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Source: https://www.coinspeaker.com/ether-whales-continue-sell-off-as-ethereum-price-fights-for-2400/