Will Whale Selling Prevent Ethereum Price from $3,000 Breakout?

The crypto market entered November on a slightly bearish note as Bitcoin plunged below $70,000. Some analysts believe this downturn is a temporary

Cryptocurrency price today: Bitcoin drops below $70,000; ETH whale selling raises concerns about $3,000 breakout

The crypto market entered November on a slightly bearish note as Bitcoin plunged below $70,000. Some analysts believe this downturn is a temporary selling pressure ahead of the U.S. presidential election. However, ongoing ETH whale selling casts doubt on Ethereum price recovery, raising concerns about a potential failure to break through the $3,000 level.

Currently, the ETH price trades at $2,459 with an intraday loss of 1.38%. According to Coingecko, Ethereum’s market cap is at $297.4 Billion, and the 24-hour trading volume is at 12.34 Billion.

Will Whale Selling Prevent Ethereum Price from $3,000 Breakout?

According to onchain data highlighted by EmberCN, a crypto whale that withdrew 96,638.9 ETH from Coinbase at $1,567 in September 2022 resurfaced after 40 days. Earlier today, this large holder transferred 15,000 ETH ( worth approximately $36.7M) to the crypto exchange Kraken.

Over the past eight months, the associated wallet has transferred a total of 85,000 ETH (worth around $251.04M) to Kraken, realizing a profit of up to $117.81M. However, the whale still holds 11,638.9 ETH ($28.55M), indicating the risk of further selling.

Moreover, a Cosmos Network wallet (0xE8…57d3) transferred 3,500 ETH, valued at around $8.72 million, to Coinbase Prime at 0:50 UTC 8 today. According to Arkham intelligence data, this wallet still holds a substantial 20,087 ETH worth about $49.85 million, acquired from its ICO allocation in 2017.

Typical whale/institution selling coincides with major market tops and is often a precursor of a fresh correction trendline. This selling pressure hints that the Ethereum price could witness a stalled recovery momentum and may struggle to break the $3,000 level.

ETH Chart Signals Potential 12% Drop Before Major Support Retest

Over the past three months, the Ethereum price prediction has showcased a sideways trend resonating strictly between the $2800 and $2150 levels. The daily chart showing price swings on either side indicates a lack of conviction from buyers and sellers.

Amid the market uncertainty and overhead supply, the ETH price plunged from $2,722 to $2,470 in the last four days, registering a 9.1% drop. If the large holders’ selling continues, the Ether price could plunge another 12% down to seek support at $2,150.

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