Ethereum Whale Sells 6,900 Ethereum – Should We Be Worried
Journalist
- ETH reserves have dropped to around 18.5 million ETH
Ethereum whale sells 6,900 Ethereum
Data from Lookonchain indicates that a significant Ethereum whale recently sold 6,900 ETH worth approximately $17.87 million.
The whale’s behavior has shifted from accumulation to selling in recent months. Previously accumulating over 65,000 ETH between January and May, the whale began selling in July and has continued to offload their holdings.
The Netflow metric on CryptoQuant showed that while the significant sell-off did not result in clear inflows dominating outflows, there were also noteworthy withdrawals from exchanges. This balanced netflow suggests a relatively stable market environment.
ETH exchange reserves continue to fall
Data analysis reveals that despite the recent large sell-off of Ethereum by a major holder, exchange reserves only experienced minimal impact and continue to decline. Following a brief spike on August 27th reaching 18.6 million ETH, reserves dropped again to reach around 18.5 million ETH.
Source: CryptoQuant
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Through the consistent decline in exchange reserves indicates substantial ongoing withdrawals from exchanges.
It is considered bullish if this trend continues as it signifies reduced immediate supply of ETH for trading which can potentially support higher prices if demand remains stable or increases.
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Bearish Trend for Ethereum (ETH)
At the time of writing this article,
Ethereum was trading at $2,512 with almost a 1% drop on the charts.The Moving Average Convergence Divergence (MACD) Indexandthe Relative Strength Index both indicated a downtrend.
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