Altcoins News
By Maheen Hernandez
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Ethereum’s price has faced heavy pressure recently—and new on-chain data points to a familiar culprit: whales.
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On-chain data highlights a sharp uptick in large Ethereum transactions, defined as individual movements worth $100,000 or more.
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Over the weekend of June 20–23, Ethereum's price began its descent, retracing from above $2,400 and testing key support levels.
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Although volumes cooled briefly to 1.57 million ETH on Saturday, they picked up again on Sunday, June 23, as ETH's price continued to drop. That day, 2.
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These patterns suggest that whales were actively selling as Ethereum's price dropped, further accelerating the downward momentum.
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Whale activity is a double-edged sword in crypto markets. While accumulation by large holders often signals confidence, large-scale sell-offs, especially during periods of weak…
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Given the timing and magnitude of these transfers, it appears that whales may have seized an opportunity to take profits amid uncertain macroeconomic and crypto-specific…
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At the time of writing, Ethereum is trading near $2,100, marking its lowest point in over a month.
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If this support fails, analysts suggest Ethereum could revisit levels near $1,950–$1,980, zones not seen since earlier in 2024.
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According to crypto analyst Rektproof, Ethereum may be due for a brief relief rally before facing renewed downside pressure.
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The technical setup supports this view. Ethereum’s moving averages are showing signs of weakness, and momentum indicators like RSI and MACD point to a loss in bullish strength.
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The coming days will be critical for Ethereum. Traders and investors should watch:
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Whale Transaction Volume: Continued increases could indicate more selling ahead.
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$2,000 Support Level: A break below this level may trigger further liquidations.
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Exchange Inflows: Rising ETH balances on exchanges could signal intentions to sell.
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