Ethereum Whale Moves 15K ETH to Kraken, Price Drop Looms
Key Takeaways
- An Ethereum (ETH) whale has transferred 15,000 ETH to an exchange, raising concerns about a potential price drop below USD 2,600.
- The current market dynamics show that ETH bulls are trying to defend the support level at USD 2,600.
- A drop below this level could result in millions of ETH addresses moving into a loss position.
- However, some investors see this as an opportunity to accumulate ETH and absorb the selling pressure.
Whale Sales Create Uncertainty
An Ethereum whale, known as “Diamond Hand,” recently transferred 15,000 ETH, worth approximately USD 38.4 million, to the crypto exchange Kraken. “Diamond Hands” are investors who typically hold their coins for a long period without selling. The fact that this whale has sold a significant portion of their holdings has raised concerns among many investors.
The worry is that this sale could signal a potential price correction for Ethereum. If more large investors follow suit, the selling pressure could push the price of ETH below the USD 2,600 mark.
ETH Bulls Fight to Defend the USD 2,600 Support
The USD 2,600 level is currently a critical support level for Ethereum. If the price falls below this level, approximately 4 million ETH addresses, holding a total of 8 million USD worth of ETH, could move into a loss position. This could lead to further selling pressure, as investors may try to minimize losses and close their positions.
On the daily price chart, ETH last reached a high of USD 2,700 on September 23. This price range was already tested in mid-August before bears pushed the price below USD 2,200. If this pattern repeats, a similar downward movement could be on the horizon.
Opportunity for a Bullish Reversal?
Despite the uncertainty, there are signs that some investors see the current situation as an opportunity. An increase in net outflows from exchanges indicates that investors are actively accumulating ETH to absorb the selling pressure. If this trend continues, the price of Ethereum could soon rise above USD 2,700 again.
However, the activity of large investors, particularly whales, remains a crucial factor. If more large sales follow, it could undermine the bullish efforts and put renewed pressure on the price.
Our Assessment
The current situation with Ethereum highlights how much the market is influenced by the decisions of large investors. The sale of 15,000 ETH by a whale has raised concerns that the price could fall below USD 2,600. At the same time, other investors see this phase as an opportunity to accumulate ETH at lower prices.
For investors, it is important to closely monitor market movements, especially the behavior of whales. If selling pressure continues to increase, a correction to USD 2,200 could be possible. On the other hand, a successful defense of the USD 2,600 level could pave the way for a bullish reversal.
Sources: CryptoQuant, IntoTheBlock
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $3,390.93 |
| 24h % | -0.06 % |
| 7d % | -12.80 % |
| 30d % | 3.25 % |
| 60d % | 29.18 % |
| 1y % | 52.34 % |
| Market Cap | $408,847,621,186.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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