Interesting developments are on the horizon for Ethereum (ETH), the second-largest cryptocurrency by total market value. According to the latest information, Ethereum whales have been making significant sales recently, with one whale selling 4,549 ETH in a single transaction. This amounts to approximately $8.78 million in sales. Prior to this, whales were observed engaging in different actions.
ETH Whales Selling Off
With the inclusion of other whales’ transactions, it becomes evident that the total sales volume is substantial. It is observed that the whale who made this sale spent $6 million to acquire a total of 4,549 ETH. By making this sale, the whale effectively gained approximately $2.78 million from the initial $6 million capital injection made on January 9.
The court ruling regarding the XRP lawsuit had a generally positive impact on the cryptocurrency sector, causing ETH’s price to briefly spike to $2,000. However, ETH, which nearly reached $2,000, faced selling pressure during this rally. The main reason behind the ETH whales’ selling off is the fact that the price reached the $2,000 level, which had not been seen for a long time.
ETH Price Shows More Resilience Compared to BTC
As a result of these sales, Ethereum’s price dropped below $2,000 again, leading to a general market pullback. Currently, Ethereum is trading at $1,931 and has gained 3% in the past seven days. ETH has outperformed Bitcoin in the last seven days, as BTC dropped back to $30,000. Despite briefly touching $2,000 and subsequently falling, ETH has not dropped below $1,930. On the other hand, BTC reached $31,500 and then retraced all its gains, dropping to $30,300. This price was already seen before the XRP price rally, and BTC essentially made no gains.
Altcoins, on the other hand, continue to show more volatility compared to BTC. The fact that ETH remains close to $2,000 without losing its trading volume is a positive sign. Considering these developments, ETH’s price remains resilient against whale selling and indicates a potential for a new uptrend.
