u.today 01 October 2024 12:54, UTC

Ethereum (ETH) has been trying to break the shackles and claim the next highs. However, the overall sentiment appears to be too negative at this point in time. Not only is the ETH price facing rejections from the next levels, it is also not getting the required support from crypto whales.

Multiple Ethereum whales have recently been spotted selling their ETH holdings. It is a shocking situation because the broader sentiment on the crypto market is still on the bullish side. Bitcoin (BTC), the leading coin on the market, is holding well above the $64,000 price level. Some altcoins are also performing well, but ETH has failed to gain any momentum.

The pressure is increasing as whales are not slowing down their selling activity. Earlier today, crypto tracking service Whale Alert tweeted that a large investor sold 22,480 ETH in the last two days. These coins are estimated to be worth around a whopping $59 million. Such movements from whales are hindering a potential ETH price rally.

Whales go bearish on Ethereum

Providing more details about the recent transactions, Whale Alert mentioned that this whale withdrew 24,000 ETH, worth around $63.07 million, from staking solution Lido in the last two days. The Ethereum whale then deposited 22,480 ETH, valued at $59.08 million, to crypto exchange Coinbase through multiple addresses.

Whale Alert further revealed that the whale currently holds 7,000 ETH, valued at $18.37 million. While not confirmed, it is likely that the investor will sell these coins too. If it happens, it will further increase selling pressure on the leading altcoin on the market, potentially triggering a price decline.

As of now, Ethereum is trading at $2,637 after a slight increase of 1.26% in the last 24 hours. While this surge is still appreciated by the community, ETH has remained stuck around this $2,600 level. It needs to break out of this channel in order to ignite a more sustained price rally and potentially hit the $3,000 price milestone.