What’s Next For Ethereum Price Amid ETH Whales Panic Selling?

Ethereum price experienced significant downward movement after support levels were breached. The price decreased to below $2,300.

At the same time, on-chain data shows that major Ethereum holder groups have increased their selling activities which threatens the cryptocurrency’s market value.

Ethereum Whales Sold Over 440,000 ETH in a Week

Notably, Ethereum whales conducted massive liquidations amounting to more than 440,000 ETH during the previous week according to on-chain data that Ali Martinez shared.

The massive selling activity among investors has decreased Ethereum market value because it signals a negative shift in investor sentiment.

Ethereum price has recorded a weekly decline of 14% and a monthly drop of 26% as whales continue with large-scale liquidations which drive increased market volatility.

Several Ethereum wallets holding large amounts performed substantial transactions according to wallet data.

A significant transaction occurred when the wallet 0xc725…839d sold 8,074 ETH worth approximately $19.63 Million at an average price of $2,431. Major asset holders’ continuous selling indicates broader market fears rise.

A Single Wallet Deposited 10,000 ETH Worth $23.44M to Binance

More so, Ethereum whales continue their selling trend while further transactions indicate more asset liquidations may occur.

Blockchain data tracker, Lookonchain, identified that within the last two days Wallet 0x07Fe…A26D transferred 10,000 ETH with an estimated value of $23.44 Million to Binance.

Large exchange deposits historically suggest individuals might sell their assets leading to more Ethereum price drops.

In the latest developments, BlackRock sent 5,100 Bitcoin worth $441.88 Million and 30,280 Ethereum worth $71.85 Million to Coinbase Prime.

The BlackRock Ethereum transactions demonstrate significant movement which might reveal necessary liquidity changes or operational reorganization.

Ether ETFs Saw $94.3M in Outflows

Meanwhile, the Ethereum price decline intensifies due to Ether-based exchange-traded funds (ETFs) distributing their assets.

On Wednesday, spot Ether ETFs experienced total withdrawals of $94.3 Million demonstrating investor doubt about their assets.

BlackRock’s ETHA fund resulted in the biggest withdrawal of $68.4 Million which contributed to the total ETH outflows.

Besides, institutional investors currently display shifting attitudes toward Ethereum-based financial products because they are withdrawing their capital through outflows.

Economic uncertainties have produced market-wide capital flight trends that match this recent development.

Ethereum’s ability to recover might face restrictions from an ongoing shift of funds from its market.

Recent analysis reveals Ethereum shows a bearish price movement where the BTC/Ethereum MVRV Momentum Oscillator points to downward momentum.

Historical market data shows that such price movements often lead to sudden market adjustments including the May 2022 and September 2023 events.