Whales Sell Off Ethereum Price Skyrockets Above 2600

The price of Ethereum (ETH)


$
2,660
has recently surged, surpassing the $2,600 mark. While the overall trend indicates rising signals, whales, or large investors, sold approximately $45 million worth of ETH on Saturday.
Contents
Large ETH Transfers Alarm the Altcoin Community
Analyst Predicts ETH Could Reach $20,000
Large ETH Transfers Alarm the Altcoin Community
According to Lookonchain data, a wallet associated with Cumberland transferred around $31.88 million worth of 11,800 ETH to the
Coinbase
exchange. Additionally, ParaFi Capital withdrew approximately $13.83 million worth of 5,134 ETH from the Lido platform, transferring these ETH to Coinbase Prime shortly after.
Analyst Predicts ETH Could Reach $20,000
In the short term,
crypto
analyst Julien Bittel forecasts that Ethereum could rise to $20,000 by early 2025. He noted that ETH could replicate last year’s upward movement based on the 2023 trend and current data.
Bittel shared a chart illustrating Ethereum’s performance from January 2023 to March 2024, indicating that the current trajectory resembles this chart. If this model continues, ETH could achieve significant gains by the end of the year, pushing towards the $20,000 target.
Currently, ETH is trading at around $2,671, reflecting a slight increase of 0.05% in the last 24 hours. During the same period, the price fluctuated between $2,643 and $2,728.
The price chart indicates peaks around $2,700 and troughs near $2,660. Ethereum continues to show resistance at around $2,670 under market pressures.
Despite institutional sell-offs, Ethereum maintains its stability, with a slight price increase observed. The $20,000 target by 2025 appears promising amid market fluctuations, indicating Ethereum’s potential for growth in the short term.
The sell-off activities by large investors in the Ethereum market have the potential to influence overall market trends. These movements by whales are significant indicators for investors and market analysts to monitor closely.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.