Ethereum whales have been very active recently, suggesting that the recent decline in Ethereum prices may have been driven by these large holders. This is especially important as Altcoin prices are pushing towards new monthly lows and sales pressure continues to rise. If these whales don’t give up quickly, losing support for Ethereum prices of $2,000 can be a trigger.
ETH Whale Volume Surge 55%
According to Intotheblock data, the Ethereum whales were excited to profit from the market again from their recent sleep. This is seen in metrics across large transactions and volumes from both ETH volume and dollar numbers.
These large transactions are classified as transactions carrying at least $100,000 worth of coins, often indicating that the whales are moving or idle. This number was first spiked on the weekend on June 20th. 3.71 million ETHs traveled in 24 hours.
This coincided with a decline in the market as Ethereum prices returned to $2,400. The numbers were much lower after falling to 1.57 million ETH on Saturday, June 21st. However, this changed as soon as the sale was picked up by Sunday, and the crash was in full bloom.
Data suggests that over 2.58 million ETHs moved on Sunday in these large transactions, and that these large holders could have been on sale when prices plummeted. The dollar figures totaled $5.7 billion compared to the $3.66 billion that moved the previous day.
This spike converts to an increase of 55.62% compared to the one recorded the previous day. Given that 56% of Ethereum holdings are dominated by large holders, these investors show a shaking to maintain their prices, and either way can determine their direction.
Where is the price of Ethereum heading?
With Ethereum whale volumes continuing to rise and price trends are low, Crypto analyst Rektproof predicts: Many people expect Altcoin to find a bottom, but analysts only see the bouncing of relief before prices hit a new weekly low.
The target from here is the complete filling of the CME gap, and once the range is complete, analysts expect the price to fall to $1,800. This is a level of recproof that suggests you will start entering spot positions in anticipation of large bounces.
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