Ethereum Whales Panic Selling: What Do Analysts Predict for ETH's Price?

Ethereum (ETH) whales, spooked by the loss of key support levels, have begun panic selling, causing the cryptocurrency’s price to drop by another 5% today, sinking below $2,400.

In recent days, large holders of Ethereum have been offloading significant portions of their holdings. For instance, in the past 12 hours, one wallet sold 8,074 ETH, valued at approximately $19.63 million, at an average price of $2,431.

Ethereum Whales Panic Selling

Additionally, another wallet transferred 10,000 ETH, worth $23.44 million, to the Binance exchange in the past two days, indicating a potential for further selling.

Significant Selling Pressure

Ali Martinez, a cryptocurrency analyst, reported that in the last week, whales have collectively sold over 440,000 ETH. This pattern suggests a growing fear among major Ethereum holders.

Adding to the selling pressure, the recent hack of the Bybit exchange has exacerbated the situation. However, Bybit has managed to replace all lost Ethereum within 48 to 72 hours.

ETF Outflows and Market Sentiment

Meanwhile, outflows from Ethereum spot ETFs are on the rise. On Wednesday, the total outflow from these ETFs reached $94.3 million, with BlackRock accounting for $68.4 million of that amount.

Analyst Predictions and Market Outlook

In the current climate, analysts have varying opinions on Ethereum’s price trajectory. Some argue that with a 14% drop in the past week and a 26% decline in the last month, now might not be the best time to sell.

Bullish and Bearish Perspectives

Bullish Outlook: Analyst IncomeSharks believes that Ethereum is currently at the bottom of its range and in an accumulation zone, suggesting a potential price increase to $4,000.
Bearish Outlook: Justin Bennett, on the other hand, has a more pessimistic view. He warns that if the current trend continues, Ethereum’s price could plummet to $1,000.

Market Volatility and Investor Caution

The recent market volatility has been driven by a combination of factors, including technical indicators, investor sentiment, and external events like the Bybit hack. As the market navigates these turbulent waters, investors are advised to exercise caution and carefully consider their positions.

Conclusion

While the panic selling by Ethereum whales has contributed to the recent price decline, the long-term prospects of Ethereum remain a topic of debate. Some analysts see the current dip as a buying opportunity, while others warn of further potential downside. As always, the cryptocurrency market is characterized by its unpredictability, and investors should stay informed and vigilant.

Ethereum Whales Panic Selling: What Do Analysts Predict for ETH’s Price?