Whales got rid of Ethereum by $ 2.5 billion

This week, Ethhereum moved in the sidewall. This allowed ETH to get out of a three -week descending trend. The price of altcoin remains arranged, despite the bear signals.

We figure out what is happening on the Ethereum market and how the sale of ETH for $ 2.5 billion will affect the price of altcoin.

Ethereum Chips begin to sell ETH

The large Ethereum holders are pessimistic. Some of them are already actively selling their assets. Over the past 48 hours, the addresses owning from 1 million to 10 million ETH have sold more than 1.06 million ETH in the amount of about $ 2.57 billion.

Sales of whales usually put pressure on the price, which leads to a decrease. However, in this case, the cost of Ethereum remains stable, which indicates the persistence of the market.

IOMAP (in/out of the Money Around Price) shows that ETH has formed a powerful demand zone in the $ 2,349 range – $ 2,421. Over 65 million ETH was bought in this price range. Such a major concentration of customers creates strong support – most of them will not sell at a loss or “to zero”. This makes it unlikely to fall ETH below $ 2,344 – breaking through this level would require serious bear pressure.

The price of ETH is consolidated

At the time of writing, ETH is traded in the area of ​​$ 2,424, resting on the key resistance of $ 2,476. The lateral movement made it possible to get out of a three -week descending trend, despite the lack of sharp growth. Consolidation creates conditions for possible growth.

If Ethereum is fixed above $ 2,476, the road to $ 2,606 will open. This can attract new buyers and strengthen the ascending trend.

ETH can continue to fluctuate in the $ 2,344 range – $ 2,476, until a sufficient volume for movement is accumulated. In case of deterioration of market conditions, a rollback of $ 2,205 is possible. Closing below $ 2,344 cancel the current bull scenario and strengthens the pressure of sales.

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