ETH Whale Selling Continues Amid Market Uncertainty

As it finds itself unable to avoid a double digit loss against the US dollar, Ethereum has been decimated further by a major ETH whale offloading large sums of the asset.

The price of Ethereum (ETH) has risen 2.19% in the past 24 hours, reaching $2,433, and its market capitalization has increased 2.17% to $292.9 billion.

Yesterday, fears over ETH whale sales drove prices lower, with one whale selling 45,000 ETH ($113.3M) over 15 days and still owning 94,450 ETH ($230M). Meanwhile, Ethereum fundamentals remain strong with the EIP-7781 upgrade, making the $2,400 support level crucial.

ETH Whale Continues Selling Amid Market Woes

Ethereum has suffered a double-digit loss against the dollar, and a major ETH whale offloading large sums of the asset has further decimated the cryptocurrency.

This whale has been funneling the Kraken exchange with its ETH for the past 15 days, transferring 45,000 ETH, valued at $113.3M, with an average price of $2,517 per ETH.

Despite these vast transfers, the whale still owns 94,450 ETH, valued at around $230 million.

The #Ethereum ICO participant with 150K $ETH(the ICO cost was $46.5K) continued to sell 5K $ETH($12.22M) 4 hours ago!

Since Sept 22, this whale has sold 45K $ETH($113.2M) at $2,516 and currently holds 94.5K $ETH($230.2M).

https://t.co/NA6nFmFsTL pic.twitter.com/rEKUdzXBIC

This selling activity, coupled with the uncertainty surrounding Ethereum’s price, has market sentiment down a notch and traders cautious.

EIP-7781 Boosts Ethereum Fundamentals

EIP-7781, proposed by developer Ben Adams, will reduce block times from 12 seconds to 8 seconds, decreasing transaction confirmations by 33%.

The proposal will also increase the network’s data capacity by 50%, allowing for more transactions at a lower cost as Ethereum pursues rollup-centric scalability.

Some key Ethereum figures, such as researcher Justin Drake, have been advocating for EIP-7781, which would be 1.22x more efficient for decentralized exchanges like Uniswap, potentially saving $100 million in arbitrage costs annually.

By improving trade execution, more users will join the Ethereum network, putting upward pressure on ETH prices.

Ethereum’s Fate Hinges on $2,400 Support

A crucial level for the world’s second-largest cryptocurrency by market cap is the price of Ethereum (ETH) at $2,400.

If the token manages to rise above this level, it could rally by 16%, potentially pushing the price up to $2,800.

However, if Ethereum fails to break above that point, the price could decline by 8%, dropping all the way down to $2,200, as indicated by the double bottom formation.

This is crucial because 2.77 million wallets purchased 52.65 million ETH as the price of Ethereum rallied to $2400.

The $2,400 level is thus a key battleground between bulls and bears, and a drop below it could trigger further market declines.

ETH Price Future Direction Bleak

ETH whales are selling, and the price action is weak, suggesting that Ethereum will have a difficult time in the near future.

Despite becoming deflationary four months ago with the Dencun upgrade, which slashed mainnet fees, the latest upgrade has reversed this, making the network inflationary again.

As a result, ETH price may continue to fall or encounter resistance at key levels.

Everyone’s attention will be on the crucial $2,400 support level as Ethereum encounters these obstacles, which will determine the direction of the cryptocurrency in the coming days.

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