Whale Sells Off Ethereum, But Market Outlook Remains Bullish

Ethereum (ETH) has been struggling lately, dropping 6.45% in the past week. Over the past few months, it has lost 16.57% of its value.

Whale Liquidates Ethereum Holdings

A crypto whale recently sold all of their 6,714 ETH tokens for $19.5 million. Despite the large profit, the investor actually lost $6.5 million based on the purchase price.

Whale Transactions and Market Trends

Whale transactions often indicate market trends. When a whale sells a significant portion of their holdings, it can be seen as a bearish sign, leading other investors to sell as well.

Bullish Outlook for Ethereum

However, this whale sell-off may not be a sign of a bearish market. Historically, Ethereum has performed well after Bitcoin halvings. With the recent halving in April, many expect a crypto bull run to begin in the coming months.

Whale Also Liquidates Other Altcoins

In addition to Ethereum, the whale also sold all of their Optimism (OP) and Arbitrum (ARB) tokens, losing $902,000 and $1.08 million, respectively.

Ethereum Price Outlook

At the time of writing, ETH is trading at $2,919, up slightly by 0.27% in the last day. It appears to be heading towards the $2,940 resistance zone. With enough buying pressure, it could break through and reach the next resistance level at $3,050.

However, Ethereum’s daily trading volume has declined by 44.85% to $6.71 billion. Despite the recent sell-off, Ethereum remains 40.4% below its all-time high of $4,891.70, reached in November 2021.