Ether price eyes $3.7K despite $1.3B whale sell-off
2024-11-22

Despite heavy sell-off from early investors worth millions, some of the most popular industry analysts believe the Ether ETHUSD market price is poised for a price breakout.
A whale, or large investor, has started selling Ether after being dormant for over eight years.
The whale accumulated over $1.34 billion worth of Ether at an average cost of $6 and started selling shortly after Donald Trump’s victory, according to onchain intelligence firm Lookonchain’s Nov. 22 X post:

Despite the selling pressure, Ether price rose over 7.5% during the past week, to trade above $3,369 as of 10:09 am in UTC, Cointelegraph data shows.
Increasingly more investors are anticipating Ether to rally toward its previous all-time high due to its correlation with Bitcoin (BTC), which crossed $99,000 on Nov. 22, printing the best monthly candle in crypto history, as BTC rose over 40% during November so far.
Ether set for $3.7k breakout, despite ICO wallet and whale selling pressure
The $1.3 billion whale is not the only investor creating significant selling pressure for Ether’s price.
Cosmos developer Interchain, who was an early participant in Ethereum’s initial coin offering (ICO) in 2017, has also started selling ETH.
The wallet associated with Interchain sold 3,000 ETH worth over $10.1 million on Nov. 22, amounting to over 21,600 Ether, worth over $95 million, sold since April 2024, sold at an average price of $2,591, wrote pseudonymous blockchain analyst EmberCN, in an X post.
The Cosmos Network-labelled address still holds over 17,000 Ether worth $57 million, Arkham Intelligence data shows.
Whales with large holdings can have a drastic effect on the price of the underlying cryptocurrency, especially if the entity decides to sell a large amount of the asset on the open market.
Despite the selling pressure, Ether is already staging a breakout, which could see it revisit the $3,700 resistance, wrote pseudonymous analyst Rekt Capital in a Nov. 21 X post:

Cryptocurrency traders use bull flags as a bullish chart pattern to spot upcoming price rallies.