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Ethereum Whales Dump With Major Losses, ETH Price Drop Ahead?
Ethereum whales have continued their ETH dumping as the ETH price struggles to gain past $3,500 to set the next stage of the rally. Also, investors are staying cautious currently as ETH supply reaches the pre-Ethereum Merge levels. Along with Bitcoin, ETH continues to show weakness eyeing further drop in prices ahead.
Ethereum Whale Books Over $1 Million Loss
In a notable move, Ethereum whales have begun offloading their holdings at a loss. Nine hours ago, three wallets—likely controlled by the same entity—sold 10,070 ETH for 33 million DAI at an average price of $3,280 per ETH, incurring a $1 million loss.
As per the blockchain data by LookOnChain, this whale has withdrawn a total of 24,029 ETH, worth $81.3 million, from crypto exchange Binance three weeks ago using 10 newly created wallets. However, as of now, the whale retains a total of 13,959 ETH, worth $45.48 million, across all these wallets.
Additionally, Tron founder Justin Sun deposited a total of $320.4 million worth of Ethereum to crypto exchange HTX in the last 13 hours, as per data from Spot On Chain. Since November 10, 2024, Sun has deposited a total of 323,591 ETH worth $1.124 billion to HTX, with an average of $3,472. These ETH were predominantly accumulated at $3,036 during the 2024 first half.
ETH Supply Reaches Pre-Merge Levels
Popular crypto analyst Benjamin Cowen stated that the Ethereum supply is likely to reach pre-merge levels in the next few weeks. Currently, the Ethereum supply is reaching 45K ETH per month and is now only 32K ETF away from the pre-merge levels.
While ETH demand briefly improved after rate cuts began, it has since remained low. As a result, Ethereum’s supply has been inflationary for the past 10 months, reversing deflationary trends initially anticipated post-merge.
ETH Price Action Moving Ahead?
Ethereum’s price is currently trading under pressure, dropping another 2.6% in the last 24 hours. It is trading at $3,186.04 with a market cap of $383 billion. Popular crypto analyst Ali Martinez noted that Ethereum’s (ETH) most critical resistance zone is between $3,360 and $3,450.
On the downside, key support levels for ETH price have been identified between $3,066 and $3,160, providing vital benchmarks for traders navigating the market.
Despite this massive Ethereum selloff by whales, crypto market analysts continue to be bullish about Ethereum moving into 2025. Prominent crypto analyst Altcoin Sherpa suggests ETH price may be following a familiar market cycle pattern. The analyst highlights three key stages:
- Red Zone: Indicates liquidations.
- Yellow Zone: This represents a sharp “V-shaped” recovery, though it ultimately results in a lower high on lower timeframes (LTF).
- Yellow Circle: Marks a retest of previous lows, followed by a potential upward trend.
Market analysts have already predicted that Ethereum could surge past $10,000 by mid-2025. However, the overall sentiments for this must turn bullish with a decline in selloffs by Ethereum whales.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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