- One of Ethereum’s top whales has dumped seven thousand tokens, making over $16 million in profits.
- Ethereum price has seen very small increases; Analysts expect the bulls to regain control.
Ethereum [ETH]The world’s second-largest cryptocurrency continues to struggle to regain its footing after a dramatic free fall in which investors are hanging on for dear life.
But now, it seems that the largest holders of the token are starting to give up.
Recent data from Lookonchain showed that an Ethereum whale that bought the coin about a year ago is now selling it for a profit.
The whale withdrew 12,906 ETH (which is $24 million based on price levels at the time of this publication) from binance [BNB] at $1,890 last year and I deposited it in Piscina [LDO].
They then withdrew 7,000 of those coins from Lido when the market crashed a bit on April 30 and deposited them into Binance. The profits obtained by the whale exceeded 16 million dollars.
Data from Whale Statistics revealed that the BSC Chain Ethereum whale fear and greed index was in extreme fear at the time of this publication.
Ether remains the most traded and held token by whales, but they are clearly nervous, awaiting new market movements.
Ethereum’s performance in a gloomy market
Crypto markets are still in the red, reeling from the correction that occurred after Bitcoin hit new all-time highs, suggesting the start of a bull run.
However, currently the bears have the upper hand. At press time, Ethereum was worth $3,208. That’s an increase of 0.02 percent over the past day and 0.8% over the past seven days.
Featured Crypto Analyst Ashcrypto https://twitter.com/Ashcryptoreal/status/1787399937858187716 your outlook for the price of Ether.
According to him, the historical pattern of 2020 and 2021 shows that Ethereum will break out again in the third quarter of this year. According to his chart, he expects Ether to reach $4,000.
Meanwhile, KEN Crypto, another popular analyst, https://twitter.com/kenkrypt/status/1787394642889031737 that there has been a slight change in investor sentiment.
Although largely bearish, he claims that a little bullish sentiment is also emerging, thanks to the coin holding above the 100 simple moving average (SMA).
However, despite that, Ethereum bulls are encountering major resistance and struggling to break through higher key levels.
Is your wallet green? Check the ETH Profit Calculator
More information from IntoTheBlock reveals a strong link between the price of Ethereum and the volume of large transactions, showing that they greatly affect Ethereum price movements.
Notably, a decline in these transactions in April corresponded with a drop in the price of Ethereum. Clearly, the whales are influencing the market by increasing selling pressure.
Next: Bitcoin crosses $64,000, but whales remain cautious: here’s why
This is an automatic translation of our English version.
