The Ethereum whale in the 2014 ICO recently sold 3,000 ETH for approximately $7.64 million on October 24, 2024, following a sale of 7,000 ETH in July when the price fell by 15%. After this latest transaction, the whale still holds approximately 37,070 ETH, worth approximately $93.8 million. Initially, they acquired 254,908 ETH for just $79,000, bringing their current total amount to over $646 million. Since this recent sell-off, the price of Ethereum has fallen by approximately 2.15%.
Signal of a bearish outlook: Ethereum’s Coinbase Premium Index is negative
The negative ETH Coinbase Premium Index, currently at -2, suggests that US institutional investors and whales are actively selling ETH. This observation is reinforced by data showing both accumulation and significant selling by whales and retail investors, indicating that the short-term forecast for ETH is bearish.
Technical analysis: Ethereum resistance and support levels
Bullish momentum could be achieved if Ethereum sustains above 2,770. The major near-term resistance is 2,770 yen, with a significant upside move targeting $2,820, $3,000, and even $3,200. A solid bullish trend will only materialize above $3,400.
Conversely, immediate support is around $2,500. A break below this threshold confirms the continuation of the bearish momentum and could cause the price to fall to $2,100, $2,000, $1,800, or $1,500. If Ethereum falls below $1,500, it could plummet to $1,000.
Traders could consider buying the dip near $2,500, with a stop loss near $2,300 and a price target of $2,820.
Token Post | (email protected)
