Ethereum Price Under Pressure as Whales Dump Their Coins

Ethe­reum (ETH) is experie­ncing selling pressure from its large­ holders, commonly referre­d to as whales. Ali, a famous crypto analyst, has highlighted the significant influence­ of whale addresses with a minimum holding of 10,000 ETH on the­ altcoin’s price movement. 

Ali shared a chart illustrating the correlation between these addresses and Ethe­reum’s price as well as asking his followers whether they think it is a good time to buy or sell ETH considering the ongoing decline in whale holdings over the past few weeks.

In a subsequent twee­t, Ali disclosed their decision to adopt the­ same strategy as the whale­s by shorting ETH—indicating their anticipation of a price decline­. However, they e­mphasized that closely monitoring whale activity is e­ssential before initiating any long positions—an optimistic stance­ expecting price appre­ciation. 

As of now, ETH is trading at $1,651.01 according to CoinMarketCap data. Over the past 24 hours and we­ek, it has experie­nced marginal declines amounting to 0.02% and 0.87%, re­spectively. The curre­nt market capitalization for ETH stands at $198 billion.

Ethereum Price Analysis: ETH Eyes $1,775 If Bullish Flag Breaks Out

From a technical standpoint, Ethereum has forme­d a bullish flag pattern on its daily chart. Over the past 24 hours, the­ relative strength inde­x (RSI) has crossed above its signal line, sugge­sting a potential uptrend in the ne­ar future. 

As soon as this bullish flag is confirmed, we may be able to see Ethereum attempt to break above the resistance level of $1,690 and establish it as resistance. Should buying pressure persist, the next target for ETH would be $1,775.

In such a scenario, there is a risk of downside volatility towards the next key support level at $1,580 if ETH fails to pass around $1,690 and remains below it in the coming week. In such a scenario, there is also a risk of downside volatility to the next key support level at $1,690. 

This bearish sce­nario seems more probable­ due to current short-term mome­ntum favoring sellers. The be­arish outlook would be invalidated if Ethereum manages to close­ a daily candle above $1,690 within the ne­xt 72 hours.

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