In 2015, a whale investor acquired 200,000 Ethereum (ETH) through the Genesis Block, making history in the blockchain’s early days. This year, the whale sold 49,000 Ethereum, worth $172 million, leaving only a small portion of its holdings. The liquidation has sparked speculation in the Ethereum market. Traders and investors are uncertain about how the continued sell-off will affect Ethereum’s price and market trends. What’s Happening with the Ethereum Whale? This whale’s sell-off, which has averaged around $3,528 per Ethereum, has been a major event. The bulk of the whale’s liquidation is nearly complete, with only 7,594 Ethereum remaining. Depending on market conditions, this is valued between $25 million and $72 million. This selling behavior is often associated with price drops as the increased supply creates downward pressure. Traders are becoming anxious about the possibility of a price crash. Ethereum Faces Market Pressure as Price Consolidates As Ethereum settles around $3,390, the whale’s liquidation has added to the strain on the price trajectory. This key level is just above strong support from the 200-day and 100-day exponential moving averages (EMAs). Traders are watching these thresholds closely to see if Ethereum would dip below certain thresholds, particularly at the $3,219 and $3,000 mark levels. If this happens, it could usher in a bearish trend. Simultaneously, Ethereum has struggled to break the psychological $4,000 resistance mark. The sell-offs have contributed to immediate price drops and underscored the broader challenge, including insufficient trading volume and lack of momentum. A Chance for Market Stability Yet, this story is not all bearish. The nearing conclusion of the whale’s liquidation could ease some downward pressure, opening the door for a more stable market. Ethereum could regain investor confidence as the selling pressure eases, especially if prices rise above the whale’s average selling price of $3,528. A successful retest of this level could trigger a bullish rebound, suggesting the worst may be over. However, if the price drops, traders may face more uncertainty, and Ethereum’s market could struggle to gain momentum. At this critical juncture, the market is watching closely to see whether Ethereum will break through its resistance levels or continue to consolidate. The end of the whale’s sell-off could be the thing that helps Ethereum take a new direction. The post Ethereum Whale Liquidation Could Affect Price Stability, Here’s How appeared first on TheCoinrise.com .
