HomeEthereumWhy Are Ethereum Whales Disappearing?

Why Are Ethereum Whales Disappearing?


Ethereum (ETH), the world’s second-largest cryptocurrency, continues to grapple with uncertainty after a steep price decline. Investors are on tenterhooks, with whales exiting their positions and the market sentiment teetering between fear and a glimmer of hope.

Ethereum Price Struggles To Regain Footing

Ethereum’s price has been on a rollercoaster ride in recent months. After reaching new highs in late 2021, the cryptocurrency plunged dramatically, leaving investors reeling. The recovery has been slow, with Ethereum currently hovering around $3,077 – a far cry from its peak.

Source: Coingecko

This lackluster performance is causing anxiety among investors, particularly large holders known as whales. Recent data from Lookonchain paints a concerning picture: a whale who bought ETH a year ago is cashing out, pocketing a cool $16 million in profit. This whale’s actions highlight a potential exodus of major investors, which could further depress the price.

Fear Grips Ethereum Whales

WhaleStats, a platform that tracks large cryptocurrency holders, reveals that Ethereum whales are experiencing extreme fear. The BSC Chain Ethereum Whales’ Fear and Greed Index, a measure of investor sentiment, is currently in the “extreme fear” zone. This suggests that whales are hesitant to make any significant moves, waiting for the market to stabilize before deploying their capital.

Source: WhaleStats

While Ethereum remains the most popular token among whales, their apprehension is palpable. They are closely monitoring market movements, waiting for a clear signal before taking the plunge.

Divided Opinions On Ether’s Future

The future of Ethereum remains a subject of debate among crypto analysts. Ashcrypto, a prominent analyst, believes in a potential rebound in the third quarter of this year. Based on historical patterns from 2020 and 2021, Ashcrypto predicts a price surge towards $4,000.

Data from IntoTheBlock reveals a strong correlation between Ethereum’s price and large transaction volume. The recent drop in large transactions coincides with the price decline, suggesting that whales play a critical role in influencing Ethereum’s trajectory.

Total crypto market cap currently at $2.28 trillion. Chart: TradingView

ETH Price Action At A Glance

Meanwhile, with its next target of $3,090, Ether is expected to continue its correcting bearish trend, demonstrating further bearish bias when it settles below $3,120 once more.

If the price breaks $3,100, it will halt the projected slide and try to reclaim the main positive trend. A move below the EMA50 would support the continuation of the recommended negative wave.

Is Ethereum Headed For A Revival?

The answer remains unclear. While some analysts predict a resurgence, the ongoing whale selling and fearful market sentiment pose significant challenges. The coming months will be crucial for Ethereum, as it navigates a volatile market and attempts to regain investor confidence.

Featured image from Hakai Magazine, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.


Please enter your comment!
Please enter your name here


Crypto App CoinStats Hit By Security Breach, User Funds Potentially Exposed

Popular cryptocurrency portfolio tracker CoinStats is reeling from a security breach that exposed user wallets and sent scam notifications to mobile devices. The company...

Pixels Reveals Chapter 2, Introduces Several New Updates

Skill Consolidation, Tiered Crafting and New RecipesPixels Chapter 2 introduces several updates, including a reorganization of the skill system.Skills such as Granger, Aviculture, Slugger,...

Forget The Dip! XRP Primed For Epic Rally To $36, Expert Claims

The price of XRP, the native token of RippleNet, has been caught in the crosshairs of a bearish crypto market. Currently trading below the...

Buying 8,617 Legal & General shares would give me a stunning income of £1,840 a year

Image source: Getty Images Legal & General (LSE: LGEN) shares offer a brilliant...

Most Popular