Ethereum Sees Major Outflow From Mega Whales – ETH Price Drops Below $2,600

Quick Summary:

Key Metrics Point To Continued Bearishness According to crypto analyst Ali Martinez, some of the largest Ethereum whales, holding over 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down.  This mass exodus of large investors has contributed to ETH’s 26% price drop over the last 30 days, narrowing its year-to-date gains to just 55% – making it one of the weaker-performing tokens in this timeframe.

Potential Price Upside For Ethereum Ahead?   Despite these bearish factors painting a dark picture for the second-largest cryptocurrency on the market, market researcher Leon Waidmann claims that a significant development has emerged that could signal a potential bullish shift for Ethereum.

The selling pressure from these Ethereum whales has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months.  Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum?

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Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: United Kingdom

Topics: Crypto news Ethusd Ethereum Ethereum price prediction Latest Ethereum News Ethereum Price analysis ETHUSDT Ethereum price Crypto ETH Ethereum Ethereum news

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Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-19 @ 23:00:21 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 425 words

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