Ethereum Price Holds Steady Despite $2.5B Sell-Off
Ethereum (ETH) showed resilience this week, breaking free from a three-week downtrend despite significant selling pressure from large holders (whales).
Whale Selling and Market Resilience
Over the past 48 hours, addresses holding between 1 million and 10 million ETH sold approximately 1.06 million ETH, valued at roughly $2.57 billion. While such large sell-offs usually push prices down, Ethereum's price remained surprisingly stable, suggesting underlying market strength.
Strong Support Levels
Analyzing the IOMAP (In/Out of the Money Around Price) chart reveals a substantial demand zone between $2,349 and $2,421, holding 65.83 million ETH (over $159 billion). This indicates a large number of investors bought ETH at these prices and are unlikely to sell at a loss, providing strong support for the price.
Price Consolidation and Potential Breakout
Currently trading near $2,424, ETH is consolidating just below the crucial resistance level of $2,476. This sideways movement, after the three-week downtrend, suggests a potential upward breakout.
A successful break above $2,476 could lead to a price increase towards $2,606. However, a more bearish market scenario could push the price below $2,344, potentially down to $2,205.
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Market conditions are volatile. Conduct thorough research and consult a financial professional before making any investment decisions.
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