Crypto Whales Have Unloaded $8.5 Billion Worth of Ethereum (ETH) Since February 2023, Analysts Report

Throughout the year, an analyst observes significant Ethereum (ETH) distribution by crypto whales

X Social Media Analyst Ali Martinez Reports on Ethereum Whales' Ongoing ETH Distribution Amidst Year-Long Price Surges

Ethereum (ETH) whales, according to Martinez's updates to his 31,000 followers on the X platform, have strategically leveraged price rallies throughout the year to divest themselves of millions of ETH tokens.

Martinez emphasizes that there are presently no discernible signals suggesting a change in behavior for Ethereum whales.

"Since February 2023, Ethereum whales have taken advantage of the surging prices, relinquishing or reallocating over 5 million ETH, equivalent to approximately $8.5 billion.

Significantly, this selling trend shows no signs of shifting toward ETH accumulation at this point.

Martinez Examines Ethereum Purchases Above $1,528 and Warns of Potential Correction

Additionally, Martinez is closely monitoring cluster addresses that acquired Ethereum above $1,528. According to his analysis, 1.58 million addresses acquired a total of 1.92 million ETH within the price range of $1,528 to $1,571. This data suggests that if Ethereum were to dip below the lower threshold of this price range, it might indicate the possibility of a significant corrective movement.

"Ethereum currently hovers just above a crucial demand zone. It's imperative to stay vigilant, as a daily close below $1,530 could foreshadow a substantial correction for ETH.

At the time of this report, Ethereum (ETH) is currently trading at $1,568.

Regarding Bitcoin (BTC), Martinez believes that the leading cryptocurrency is on a trajectory towards lower price levels after breaching a symmetrical triangle pattern on the two-hour chart.

"Considering the height of the triangle along the y-axis, we could anticipate a 5% correction for BTC, possibly leading it to a level around $26,200.

As of the current moment, Bitcoin (BTC) is trading at $27,472.

Oct 11, 2023