Ethereum Whales Are Selling A Lot Of This Altcoin! Will More Falls Coming?

bitcoin (BTC) in general, especially cryptocurrency market cryptocurrency exchange FTX’came under serious selling pressure after the collapse of the company.

This selling pressure is the second largest cryptocurrency in the world Ethereum (ETH) also affected.

Because the ETH price fell below $ 1,200 with the loss of confidence of investors in crypto after the bankruptcy of FTX.

Already affected by the FTX bankruptcy ETH The price was even more alarming in December with Ethereum whales also selling large amounts of ETH.

Noting the sales of Ethereum whales, popular cryptocurrency analyst Ali Martinez stated that ETH whales have sold close to 1 million ETH so far, based on Santiment’s data.

“Whales holding 10,000 to 100,000 Ethereums have sold around 880,000 ETH since the beginning of December 2022. “

#Ethereum whales holding between 10,000 and 100,000 $ETH have sold or redistributed around 880,000 #ETH since December 2022. pic.twitter.com/vOA9Lt0bOH

— Ali (@ali_charts) December 29, 2022

Although some altcoins are not affected by the bankruptcy of FTX and provide gains to their investors, Ethereum does not. altcoinwas not one of them.

ETH leading crypto money instead of making profit of bitcoin It chose to follow its movements and fell under selling pressure.

While there is currently no solid and clear catalyst to boost Ethereum’s bearish price, analysts and investors alike ETH and is optimistic that other cryptocurrencies will perform well in 2023.

Traded at $1,200.10 at the time of writing ETH It rose 0.17% in the last hour.
Looking at the ETH chart, we see that ETH has very strong support at $1,175 and a crucial resistance level at $1,227.

*Not investment advice.