Ethereum Whales Cash Out As Ethereum Struggles Amid Market Turmoil

Ethereum, the world’s second-largest cryptocurrency after Bitcoin, continues to struggle to recover after a steep slide that has left investors literally shaking their heads. On the other hand, the latest findings show that the biggest supporters of the token are the whales, and they are currently starting to leave the market.

As per the analysis done by one of the top blockchain analytics platforms, Lookonchain, a renowned Ethereum whale who bought a huge amount of ETH almost a year ago, has decided to make a profit by selling off his ETH stash.

For example, it withdrew 12,906 ETH ($24M at current market price) from Binance (BNB), the most popular exchange in the crypto community. The ETH was bought last year at around $1,890 and then put into the Lido (LDO) protocol.

Conversely, the crypto market crashed on April 30th, and the whale seized the opportunity to withdraw 7000 coins from Lido and deposit them back into Binance. Through this action, the whale made a notable profit of above $16 million, amplifying the general worries about the market direction.

Source: LookonChain

Data from the analytics platform WhaleStats corroborates these concerns, revealing that the Fear and Greed Index for Ethereum whales on the BSC Chain was at extreme fear levels at the time of writing. While Ether remains the most traded and held token among these whales, their actions indicate a heightened sense of unease as they await further market movements.

Ethereum: Navigating Market Swings

The crypto markets, in general, are still reeling from the correction that followed Bitcoin’s recent surge to new all-time highs, which had initially suggested the onset of a bull run. However, the bears currently have the upper hand, with Ethereum trading at around $3,208 at the time of writing, representing a modest increase of 0.02% over the past day and 0.8% over the past week.

Despite the gloomy market conditions, some prominent analysts remain optimistic about Ethereum’s prospects. Ashcrypto, a well-known crypto analyst, has updated their outlook for Ether’s price, suggesting that historical patterns from 2020 and 2021 indicate a potential breakout for Ethereum in the third quarter of this year, with a target price of $4,000 based on their chart analysis.

Meanwhile, analyst KEN Crypto has observed a slight shift in investor sentiment, albeit still largely bearish. KEN Crypto asserts that a tiny bullish sentiment is emerging, as the coin has managed to maintain its position above the 100 Simple Moving Average (SMA), indicating the potential for a reversal.

Related Reading | Stablecoin Transactions Lack Organic Growth, Visa & Allium Labs Find

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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