Amid the ongoing intense volatility in the broader crypto market, Ethereum is capturing significant attention due to its price slump. This substantial downside momentum is impacting investors who seem widening their selling pressure.
$13.84 million worth Ethereum inflow
According to data released by Lookonchain today, a crypto whale deposited 4,413 ETH tokens worth $13.84 million to Binance in the past week. Such inflows often have an impact on crypto prices as they tend to lower prices.
The move by this large investor suggests Ether whales are selling their coins for profit taking agendas. Those who bought Ethereum tokens at lower prices could be selling their tokens for financial returns.
Also, this activity signals that Ethereum whales are repositioning their holdings. They could be offloading their Ether tokens to exchanges and buying other altcoins that have growth potential.
Ethereum is currently experiencing higher liquidations than other cryptocurrencies. A total of $91.84 million worth of ETH were liquidated in the last 24 hours compared to Bitcoin’s $89.68 million, according to the latest Coinglass data.
Ethereum price updates
Ether recently dropped below the crucial $3,150 level, a reflection of a volatile week within the wider digital asset market. The decline signifies a widespread negative sentiment that captivated traders amid potential macroeconomic instability associated with the Fed policies and mixed economic outlook.
In the previous week, Ether gained strength that enabled it to surge above $3,300, but extreme selling pressure rapidly smashed the momentum. The asset is currently trading at $3,105.95, down 4.9% in the past 24 hours. Its price has also been down 9.1% in the past 30 days.
The ETH market appears not responding to positive momentums. Currently, it is experiencing a significant 22% decrease in whale transactions. Normally, big transactions signify interest associated with institutions and big investors. This slump suggests big market participants are reassessing their positions, weakening liquidity, and are concerned about possible greater price decreases.
While its price is currently moving at around $3,105.95, Ether recently formed a classic double-top pattern. This signals exhaustion among buyers, adding pressure selling to the outlook. However, if the purchasing frenzy recovers, then the altcoin could experience a bounce back. With ongoing heightened price fluctuations and whale demand weakening, crypto enthusiasts are keen on Ether’s ability to resist the selling pressure.
