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Ethereum (ETH) whales have made extremely bearish moves recently, a move that could potentially bring down the price of ETH. According to on-chain data, wallets 0x14e4 and 0x26Bb, likely controlled by the same whale, have withdrawn an enormous 95,920 ETH, valued at approximately $237 million.
Moreover, over the last 20 days, they have transferred 62,289 ETH ($154 million) to well-known exchanges like HTX Bybit and OKX. This data suggests that major investors are not confident in the upside of the market and could potentially be contributing to the bearish sentiment.
The whales still hold 33,631 ETH ($83 million), which gives them sufficient firepower to increase selling pressure if they choose to do so. This move is a clear indication that some Ethereum (ETH) holders are abandoning their positions and this could be a red flag for traders.
Historically, whales transferring such substantial amounts to exchanges have been seen as a sign of volatility skewed to the downside. In light of recent price action, it appears that ETH is having trouble staying above the 100-day EMA ($2,465) and has repeatedly been rejected close to the 200-day EMA ($2,530).
In summary, Ethereum (ETH) whales have made extremely bearish moves which could potentially lead to a downward trend for the cryptocurrency.
Source: u.today
