$765 Million ETH Changes Hands As Whales Anchor Ethereum Price Above $2,000
Ethereum's price remains above $2,000 as whales absorb $765 million in ETH sold by long-term holders.Summary
Ethereum (ETH) is currently trading at $2,068, facing resistance at the 0.236 Fibonacci level of $2,055. A dynamic is unfolding where long-term ETH holders (3-5 year cohort) are realizing profits, selling approximately 0.8% of the total supply in under a week, representing the second-largest distribution event in 2024. Simultaneously, whale-tier addresses are absorbing this supply, with $765 million in ETH changing hands from mid-tier holders to the largest wallets. This absorption is preventing a significant price decline and acting as a structural floor around $2,000. The price trajectory hinges on whether whales continue to absorb the selling pressure; breaking above the 0.382 Fibonacci level at $2,244 would invalidate the bearish outlook and potentially drive the price towards $2,550.
(Source：BeInCrypto)