news 
Ethereum Whales Sell $321 Mln in 60 Seconds! Still, a Tough Battle Remains
The recent cryptocurrency market has been marked by significant turbulence. In the past day, Ethereum recorded an extraordinary event – whales selling a staggering $321 million worth of Ether in just 60 seconds. This unprecedented sell-off pressure is a stark reminder that the battle for ETH’s price movement remains far from over.
As reported by CryptoQuant analyst Maartun, this drastic shift in sentiment has seen Ethereum’s Taker Sell Volume surge to an astonishing $10.3 billion. Additionally, ETH’s Exchange Inflows have increased to 1.2 million coins, primarily driven by whale activity.
Market observers are left wondering if the bearish momentum will continue to push the price of Ether lower. The current chart pattern suggests that Ethereum is stuck within a descending channel, indicating an impasse between bulls and bears.
It appears that whales and retailers alike have joined forces to put selling pressure on ETH. With this sudden spike in selling activity, market participants are left questioning whether bulls will be able to regain control or if the bearish sentiment will continue to push the price lower.
In a recent event, the price of Ethereum briefly dropped from $2,500 to $2,300 before recovering to around $2,424. This recovery suggests that some buyers took advantage of the dip and absorbed the pressure, at least temporarily halting further downside movement.
However, with the market remaining in a state of flux, it is crucial for investors to stay vigilant. Any potential breakdown of this current consolidation zone could lead to Ethereum’s price plummeting to around $2,350.
On the other hand, if bulls manage to hold their positions and regain control, the cryptocurrency could potentially bounce back up towards $2,575.
The cryptocurrency market continues to be marked by significant uncertainty.
Source: ambcrypto.com
