Ethereum whales have been very active lately, suggesting that the recent Ethereum price decline could have been driven by these large holders. This is especially important now that the altcoin’s price has been driven toward new monthly lows and selling pressure continues to mount. If these whales do not let up anytime soon, then it could be the trigger for the Ethereum price to lose the $2,00 support.
ETH Whale Volumes Surge 55%
According to data from IntoTheBlock, the Ethereum whales have roused from their recent slumber to take profit out of the market once again. This has been seen in metrics across large transaction numbers and volumes, ranging from both ETH volumes and dollar figures.
These large transactions, classified as transactions carrying at least $100,000 worth of coins, often show when whales are moving and when they are idle. The figures had first spiked going into the weekend on June 20, when it rose almost 100% from 1.89 million ETH transacted to over. 3.71 million ETH moved in a 24-hour period.
This coincided with the start of the market decline as the Ethereum price trended back toward $2,400. On Saturday, June 21, the numbers were much more muted, after falling to 1.57 million ETH. However, this would quickly change as sell-offs picked up by Sunday, and the crash was in full bloom.
Data shows that over 2.58 million ETH were moved in these large transactions on Sunday, suggesting that these large holders could have been selling as the price plummeted. In dollar figures, it was a total of $5.7 billion compared to the $3.66 billion moved the previous day.
This spike translates to a 55.62% increase compared to what was recorded the previous day, showing whales were very active as the Ethereum price fell toward $2,100. Given that the Ethereum holdings are 56% dominated by large holders, it shows how much sway these investors hold over the price, and moves from them either way can determine its direction.
Where Is Ethereum Price Headed?
As the Ethereum whale volumes continue to rise and the price trends low, crypto analyst Rektproof has predicted what might be next. While many expect the altcoin to find a bottom, the analyst sees only a relief bounce before the price falls toward new weekly lows.
The target from here is a complete fill of the CME gaps, and once the range is done, the analyst expects the price to fall toward $1,800. This is the level Rektproof suggests to start getting into spot positions in anticipation of a major bounce.
Featured image from Dall.E, chart from TradingView.com
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