{"id":100556,"date":"2024-11-22T08:24:54","date_gmt":"2024-11-22T12:24:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100556"},"modified":"2024-11-22T08:25:54","modified_gmt":"2024-11-22T12:25:54","slug":"ether-targets-3-7k-amid-1-3b-whale-sell-off","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ether-targets-3-7k-amid-1-3b-whale-sell-off\/","title":{"rendered":"Ether Targets $3.7K Amid $1.3B Whale Sell-Off"},"content":{"rendered":"\n

Market analysts say that despite millions of selling pressures<\/a>, Ether is forming a breakout to above $3,700 due to an emerging bull flag.<\/p>\n\n\n\n

\"Ether<\/figure>\n\n\n\n

Despite significant sell-offs from early investors amounting to millions, leading industry analysts suggest Ether (ETH) is positioned for a potential price breakout.<\/p>\n\n\n\n

A long-dormant whale holding substantial Ether holdings has reentered the market after more than eight years of inactivity.<\/p>\n\n\n\n

Dormant Whale Sparks Selling Pressure<\/h2>\n\n\n\n

According to on-chain analytics firm Lookonchain, this whale, who accumulated 398,889 ETH at an average price of $6 (currently valued at $1.34 billion), began selling after Donald Trump\u2019s recent election victory. In a Nov. 22 X post\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Lookonchain noted:<\/p>\n\n\n\n

\n

\u201cA whale that accumulated 398,889 $ETH (currently worth $1.34B) at an average price of ~$6 is selling $ETH again. After remaining dormant for over 8 years, the whale reactivated on Nov 7 and began selling $ETH. So far, 73,356 $ETH ($224.42M) has been sold, leaving 325,533 $ETH (worth $1.1B).\u201d<\/p>\n<\/blockquote>\n\n\n\n

\"Ether
Ether whale investor starts selling Ether. Source: Lookonchain<\/em><\/figcaption><\/figure>\n\n\n\n

Despite this selling pressure, Ether's price rose over 7.5% in the past week, trading above $3,369 as of 10:09 am UTC, according to Cointelegraph.<\/p>\n\n\n\n

\"Ether
ETH\/USD, 1-month chart. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n\n\n\n

Many investors are optimistic about Ether\u2019s trajectory, especially given its correlation with Bitcoin<\/a>. BTC recently surpassed $99,000 on Nov. 22, achieving the best monthly performance in crypto history with a 40% rise during November.<\/p>\n\n\n\n

Analysts believe Ether could climb toward $3,700, revisiting resistance levels, even as sell-offs from whales and early investors continue.<\/p>\n\n\n\n

In addition to the whale, Interchain, a Cosmos developer and early participant in Ethereum's 2017 ICO, has also sold significant amounts of ETH. <\/p>\n\n\n\n

On Nov. 22, the Interchain wallet sold 3,000 ETH worth over $10.1 million, bringing the total Ether sold since April 2024 to 21,600 ETH, worth over $95 million, at an average price of $2,591, according to blockchain analyst EmberCN.<\/p>\n\n\n\n

\"Ether
Cosmos Network wallet. Source: Arkham Intelligence<\/em><\/figcaption><\/figure>\n\n\n\n

The address still retains more than 17,000 ETH, valued at $57 million, per Arkham Intelligence data.<\/p>\n\n\n\n

The actions of large holders, or whales, often exert considerable influence on cryptocurrency prices, particularly when sizable amounts are sold on open markets.<\/p>\n\n\n\n

Bullish Sentiment Remains<\/h2>\n\n\n\n

Despite ongoing selling pressure, Ether is showing signs of a breakout. Pseudonymous analyst Rekt Capital wrote in a Nov. 21 post on X:<\/p>\n\n\n\n

\n

\u201cEthereum is currently breaking out from its short-term Bull Flag. Confirmed breakout would see ETH revisit the ~$3700 resistance above.\u201d<\/p>\n<\/blockquote>\n\n\n\n

\"Ether
ETH\/USD, 1-week chart, bull flag breakout. Source: Rekt Capital<\/em><\/figcaption><\/figure>\n\n\n\n

Bull flags, a bullish chart pattern, are commonly used by traders to predict upcoming price rallies. As Ether continues to exhibit strength, market watchers anticipate a test of the $3,700 resistance level.<\/p>\n","protected":false},"excerpt":{"rendered":"

Market analysts say that despite millions of selling pressures, Ether is forming a breakout to above $3,700 due to an emerging bull flag. Despite significant sell-offs from early investors amounting to millions, leading industry analysts suggest Ether (ETH) is positioned for a potential price breakout. A long-dormant whale holding substantial Ether holdings has reentered the […]<\/p>\n","protected":false},"author":56,"featured_media":100563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,202,128,4421,506],"class_list":["post-100556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blockchain","tag-ethereum","tag-ethereum-price","tag-whale"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/Ether-Targets-3.7K-Amid-1.3B-Whale-Sell-Off.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100556"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100563"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}