Ethereum Move (ETH) of Whales Finding All Peaks Scared Analyst!

bitcoin As it falls below $24,000 again before tomorrow’s inflation data Bitfinex whales 300,000 ETH Long positions closed.

CryptoQuantDutch community manager and certified analyst of JA_Martuun He shared a flood where he historically evaluated how this move could affect the ETH price.

Reminding that the decline came after similar movements, the analyst stated that he was acting cautiously.

“Whales have closed 300,000 Longs on Bitfinex.

Let’s find out why this is important and what it could mean for the market.

ETHUSDLONGS is a chart on Bitfinex showing the total amount of open Longs in Ethereum. This metric has shown a very important and big change.

The amount of ETHUSD Longs fell by ± 300,000. This is a big change in itself, but it becomes even more important when we look at historical data.

Let’s give an overview 👇

July 21, 2021: Happened after the local top and a 24% retracement took place.

November 2021: Peaked and price pulled back 50%.

March 22, 2022: 18 days before the local peak, followed by a 71% retracement.

August 2022 (present): 6 days have passed since it happened. Will it mark a local peak again?

Only time can answer that question, but from a historical perspective I am and remain risk-averse.”