Bitcoin While moving between $50,000-$51,000 Ethereum It is at the level of $ 2,940.
Investors may be wary of a possible SEC approval of a spot Ethereum ETF in May. in ETH The bullish expectation continues.
at this point IntoTheBlock Data also confirms this expectation of investors. Because according to IntoTheBlock data, 1.38 million addresses purchased 1.33 million ETH (worth $3.9 billion) at an average price of $2,984.
Making an evaluation based on this data, Lookonchain pointed out that while 1.38 million addresses purchased ETH, whales sold ETH.
of these addresses Pointing out that they are at a loss at the current price, Lookonchain said that they may experience selling pressure when their positions reach the break-even point with the purchase price, and that the $ 2,984 level may be a critical resistance level for ETH..
Accordingly, while large investors, namely whales, sold, small, retail investors purchased ETH.
“Intotheblock data shows that 1.38 million addresses purchased 1.33 million ETH ($3.9 billion) at an average price of $2,984.
They are currently at a loss and may experience selling pressure once their positions reach breakeven.
While these addresses were buying, 4 whales sold 34,134 ETH (worth $100.8 million) close to the price of $3,000.
0x7102 deposited 16,597 ETH (worth $48.7 million) on the DEX at $2,934.
0x702a deposited 8,040 ETH ($23.89 million worth) on DEX and Binance.
0x9017 deposited 4,809 ETH (worth $14.28 million) on Kraken.
0x7485 deposited 4,688 ETH ($13,928 million worth) on Binance.”
Data from @intotheblock shows that 1.38M addresses bought 1.33M $ETH($3.9B) at an average price of $2,984.
They are currently at a loss and may generate selling pressure when their positions reach breakeven.
4 whales sold 34,134 $ETH($100.8M) near the $3,000 price.
0x7102… pic.twitter.com/mFSnvxRgAL
— Lookonchain (@lookonchain) February 23, 2024
At this point, since it is not yet clear whether 1.38 million addresses are buying long-term or short-term, it seems likely that these addresses will sell and create a selling pressure on the price when a speculation regarding the Ethereum price arises.
However, this data or the possibility of investors selling does not mean that there will be a selling pressure on the ETH price. In this context, do not make your investment decisions based on a single data or probability. These data are helpful data that are not accurate, have a margin of error, and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.
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