Ethereum Price Holds Momentum Amid Whale Moves: What To Expect?

• The previous few hours saw the dump of 10,895 ETH, valued at $36.47M, by three whales.
• Ethereum price has held the $3300 mark and showed relative strength.
• Unlike the whales, President-elect Donald Trump is accumulating Ethereum.

Ethereum (ETH) has been struggling to cross the 20-day EMA mark. Furthermore, it stalled near the $3400 mark after a strong rebound last week.

Amidst the whale selloff, the Ethereum price remained stable, trading at $3391 at press time. The token noted a rise of over 1.56% in the past 24 hours. However, the ETH price attempted to break the channel’s upper region and swiftly crack the $3500 barrier.

Whale Dumps $36.47 Million Worth of ETH

Amidst the market uncertainty, a post by Lookonchain on X revealed that three whales collectively sold 10,895 ETH. That was worth around $36.47 Million. For instance, the wallet labeled ‘jitrust.eth’ sent 4669 ETH to Binance and incurred a loss of $1.6 million.

At $14.08 Million, 4216 ETH were sold from the second wallet. Each ETH was auctioned off for $3341. Another transaction was the exchange of 2010 ETH for $6.74 Million at $3352 each.

This kind of selling pressure signaled the market sentiment among large holders. It could potentially lead to short-term price volatility in Ethereum.

These volatile trends might continue. In that case, the Ethereum price could decline toward $3000 as whale activities often precede significant market movements.

In contrast, if the Ethereum price remained stable at $3300, additional investors may see this as an opportunity to buy. This could lead to the belief that no other negative market catalysts emerge.

Trump is Accumulating while Whales are Dumping

Trump’s investment in Ethereum highlighted a clear trend among other billionaires: investing in ETH as an alternative. Currently, Trump owns 83,102 ETH, which is valued at $55,044,410. This accounts for 74.9% of his digital assets and is his principal investment.

This exceeds his investment in other well-known cryptos, such as WBTC, and stablecoins, such as USDT. This move occurred when the ETH price hovered at $3,323.32, which contrasted sharply with his other notable investments.

Regarding lending, the total outstanding balance was 92.91% in WBTC, worth $9.79 million, and 7.09% in USDT and other tokens. The significant investment in Ethereum implied that the platform will perform well and remain relevant in the blockchain ecosystem.

The context of this investment was particularly intriguing amid recent activities by crypto whales. They were simultaneously divesting significant amounts from Ethereum.

What Do Ethereum Price Charts Say?

The Ethereum price chart formed a falling wedge pattern hovering around the upper resistance band. As highlighted in a recent post by Nebraskangooner, the Ethereum price has rebounded from the 100-day EMA mark.

Furthermore, the token has been forming lower lows in recent sessions. However, the upward trend remained intact, and the ETH price could extend the bull rally ahead.

Despite short-term volatility and price retracement, a daily close above the $3520 mark could confirm the breakout. That could pave the way toward $3800 and $4000 in the coming days.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.