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Significant selling pressure has been observed in the Ethereum (ETH) 
$2,536 market recently. After hitting a peak at $2,700, the price has retreated to around $2,500. On-chain data indicates that investors have converted approximately $1 billion in profits into cash this week. These developments have raised concerns about a potential further decline.
Whales Influence Market Dynamics
Market analyses suggest that a substantial part of the pressure on Ethereum prices stems from sales by large investors, often referred to as “whales.” A noticeable increase in transactions exceeding $1 million has been observed. Such transactions are starting to be interpreted as a strong sell signal in the market.
According to the Network Realized Profit/Loss (NPL) metric released by Santiment, $835 million worth of Ethereum moved on May 15. This amount marks the most significant profit realization since the major price drop in April. It’s noted that periods when whale transactions similarly increased in the past were followed immediately by serious price declines.
Santiment’s statement reads: “The $835 million Ethereum transfer on May 15 marks the largest profit realization since last month’s price drop.”
Some of these sales are due to large accounts closing positions acquired during prior price drops. Past data indicates that such large-scale sales can negatively impact prices in the short term.
Technical Indicators and Potential Price Scenarios
Current technical analyses suggest a bearish signal on Ethereum. The technical pattern known as “bearish divergence” indicates that selling pressure might increase. Experts assess that the price could specifically decline to the $1,752 level.
Technical analysis, which considers indicators like price and trading volume, aims to predict future price movements. Currently, these indicators are said to paint a negative picture. Hence, it’s emphasized that investors should act cautiously in the market.
An analyst stated: “Technical indicators denote possible imminent downward movements.”
The convergence of whale sales and negative signals in technical analysis has been interpreted as a possibility of testing new low levels in Ethereum prices. Particularly, the $1,752 level is considered a significant support point in the market.
Experts highlight that abrupt market changes can affect investors’ decisions, pointing to past strong price movements under similar conditions. Some investors might resort to short-term panic selling in such situations.
The recent whale sales observed in the Ethereum market and negative signals in technical indicators have led to increased price volatility. Recent large-scale profit realizations and intense market activities appear to heighten the risk of significant price swings. Investors are advised to remain cautious in current market conditions and utilize past experiences, especially during periods of substantial sales. Developments should be closely monitored during periods of high price volatility and market sensitivity.
