In the last coupleof days, the general cryptocurrency market hasactually been experiencing noteworthy selling pressure, possibly due to the revenue reservation or the current Bitcoin (BTC) relocation by Mt. Gox. Amid this selling pressure, Ethereum (ETH) whales have began disposing considerable ETH as reported by Lookonchain.
Big Moves by Ethereum Whales
On August 27, 2024, the on-chain analytic company Lookonchain made anumberof posts on X (Previously Twitter) mentioning that 2 Ether Whales haveactually offered 8,208 ETH worth $21.59 million near the $2,630 level. The factor behind this sell-off was to payback financialobligations on Aave and prevent liquidation.
2 whales offered 8,208 $ETH($21.59M) at $2,630 on-chain and payback financialobligations on #Aave to prevent being liquidated.
Address:
0xbebcf4b70935f029697f39f66f4e5cea315128c3
0x1F244e040713B4139B4D98890Db0d2D7D6468de4 pic.twitter.com/6dx1LBqmxX— Lookonchain (@lookonchain) August 27, 2024
Meanwhile, another whale transferred a noteworthy 19,000 ETH worth $49.17 million into the Coinbase cryptocurrency exchange to sell it, according to Lookonchain’s current post. Additionally, the exactsame whale hasactually transferred 5,145 ETH worth $13.3 million into Binance to sell it.
Massive ETH Sell-Off Continues
Despite the current dump, on August 26, 2024, whales and organizations like AmberGroup and Cumberland disposed over $60 million worth of ETH. This information reveals, that in less than 48 hours, all whales and organizations integrated haveactually offered off over $143 million worth of Ethereum, which is enough to develop offering pressure in the market.
Ethereum Price Prediction
These noteworthy sell-offs by Whales and organizations haveactually produced a huge sell-off in ETH, resulting in the breakdown of the bearish increasing wedge rate action pattern.
According to specialist technical analysis, Ether looks bearish and is