Ethereum Rally Faces Pressure After $970 Million in Whale Selling

Ethereum's price has shown renewed bullish momentum by breaking out of a two-month descending wedge, technically suggesting a potential rally. However, this upside is challenged by significant selling from large holders, as wallets holding 100,000 to 1 million ETH distributed approximately 300,000 ETH over the last three days, totaling over $971 million. This whale skepticism suggests they are locking in gains, which could cap immediate upward momentum.

Conversely, the selling pressure is being counterbalanced by the behavior of long-term holders (LTHs). The Ethereum Liveliness metric has declined sharply, indicating that investors with longer time horizons are choosing to keep their coins dormant, which reduces circulating supply and stabilizes prices.

At the time of writing, ETH was trading near $3,265, having confirmed the wedge breakout which projects a potential 29.5% move toward $4,061. Short-term success depends on holding $3,287 as support for a move toward $3,447. If whale selling intensifies, a drop below $3,131 toward $3,000 or $2,902 would invalidate the bullish breakout.

(Source：BeInCrypto)