The post Ethereum Whales’ Selling Spree Sparks Worries for ETH Price appeared first on Coinpedia Fintech News

For the first time since the Ethereum (ETH) Shanghai upgrade earlier this year, Ether’s price has closed above $2,000 following the recent Bitcoin (BTC) breakout towards $38,000. However, Ethereum’s price has encountered significant resistance at around $2,136, casting doubts on the sustainability of the uptrend. Despite this, crypto experts remain optimistic about the recent rally, anticipating further gains as some investors grow impatient.

Ethereum Whales Accelerate Profit-Taking:

A recent on-chain analysis conducted by Lookonchain reveals that prominent Ethereum whales have been accelerating their profit-taking activities recently, potentially signaling an impending correction. Notably, one Ethereum whale transferred approximately 26.4k Ether, valued at roughly $54 million, to Bitfinex after being dormant for the past three years. Another Ethereum whale moved approximately 30k Ether, worth about $65 million, to Binance, resulting in a staggering loss of around $183 million.