Nearly $3 Billion Ethereum Selling Could Drive a 16% Crash
Large Ethereum holders sold over $2.8 billion worth of ETH, reinforcing bearish momentum and potentially causing a 16% price crash.Summary
Ethereum's price has weakened due to broader bearish sentiment and significant selling pressure from large holders, or 'whales.' Addresses holding between 10,000 and 100,000 ETH distributed over 1.1 million ETH in the past week, valued at more than $2.8 billion, which accelerated the short-term downtrend and caused ETH to break below the key $2,802 support level.
Macro indicators show the total supply in profit has dropped below 50%, which can increase fear but might temporarily reduce selling. However, if losses deepen, selling could resume. Technically, the breakdown below $2,802 confirmed a bearish ascending wedge pattern, projecting a further 16% drop toward the $2,465 level.
For a recovery, Ethereum, currently trading near $2,636, must hold the $2,570 support level. A sustained move back above $2,802 is necessary to invalidate the current bearish outlook.
(Source：BeInCrypto)