Some of the largest Ethereum whales, holding over 10,000 ETH, have been on a coveted accumulation spree over the past month, with no signs of easing up. Data from Glassnode shows the number of Ethereum mega-whale addresses [those with a balance of over 10,000 ETH] and the 30-day change in that number. The chart also shows the price of Ethereum.
As gauged from the chart, the number of mega-whale addresses has been steadily declining over the past month, while the price of the token has been relatively stable. This suggests that some of the largest ETH holders are selling off their coins.
There are several possible reasons for this sell-off. One possibility is that these whales are simply taking profits after the recent rally in the price of Ethereum. Another possibility is that they are worried about the one-token concentration and are looking to diversify their portfolios.
Whatever the reason, the sell-off by Ethereum whales is a significant development. It could put downward pressure on the price of Ethereum in the short term. However, it is also possible that the demand from other investors will be able to offset the selling pressure from whales.
Ethereum: Rising Wedge Spotted
The second-largest altcoin has been facing bearish sentiment for quite some time. Renowned market analyst Ali Martinez recently suggested that ETH might be heading toward a price consolidation citing a rising wedge pattern. This is typically a bearish technical indicator that usually precedes a price correction.
If the rising wedge pattern holds, ETH could experience a pullback toward the $2,350 support level. This potential correction could be further amplified by profit-taking investors and a prevailing bearish sentiment in the market leading to selling pressure.
It is important to note that technical analyses are not foolproof, and the situation may be more complex than it appears. However, the data does suggest that some of the largest Ethereum holders are selling off their coins, and this is something that investors should be aware of.
