While Bitcoin moves between $50,000-51,000, Ethereum is at $2,940.
Investors continue to be bullish on ETH in the face of a possible approval by the SEC for a spot Ethereum ETF in May.
At this point, IntoTheBlock data confirms this expectation of investors. Because according to IntoTheBlock data, 1.38 million addresses purchased 1.33 million ETH (worth $3.9 billion) at an average price of $2,984.
Making an evaluation based on this data, Lookonchain pointed out that while 1.38 million addresses were purchasing ETH, whales were selling ETH.
Pointing out that these addresses are at a loss at the current price, Lookonchain said that they may experience selling pressure when their positions reach the break-even point with the purchase price, and that the $ 2,984 level may be a critical resistance level for ETH.
Accordingly, while large investors, namely whales, sold, small, retail investors purchased ETH.
“Intotheblock data shows that 1.38 million addresses purchased 1.33 million ETH ($3.9 billion) at an average price of $2,984.
They are currently at a loss and may experience selling pressure once their positions reach breakeven.
While these addresses were buying, 4 whales sold 34,134 ETH (worth $100.8 million) close to the price of $3,000.
0x7102 deposited 16,597 ETH (valued at $48.7 million) on the DEX at $2,934.
0x702a deposited 8,040 ETH ($23.89 million worth) on DEX and Binance.
0x9017 deposited 4,809 ETH (worth $14.28 million) on Kraken.
0x7485 deposited 4,688 ETH ($13,928 million worth) on Binance.”
Data from @intotheblock shows that 1.38M addresses bought 1.33M $ETH($3.9B) at an average price of $2,984.
They are currently at a loss and may generate selling pressure when their positions reach breakeven.
4 whales sold 34,134 $ETH($100.8M) near the $3,000 price.
0x7102… pic.twitter.com/mFSnvxRgAL
— Lookonchain (@lookonchain) February 23, 2024
At this point, since it is not clear whether 1.38 million addresses are buying long-term or short-term, it seems likely that these addresses will sell and create a selling pressure on the price when a speculation regarding the Ethereum price arises.
However, this data or the possibility of investors selling does not mean that there will be a selling pressure on the ETH price. In this context, do not make your investment decisions based on a single data or possibility. These data are helpful data that are not accurate, have a margin of error, and have never been proven to be 100% accurate.
Make your investment decisions based on your own research.
*This is not investment advice.
