Ethereum whales have continued their ETH dumping as the ETH price struggles to gain past $3,500 to set the next stage of the rally. Also, investors are staying cautious currently as ETH supply reaches the pre-Ethereum Merge levels. Along with Bitcoin, ETH continues to show weakness eyeing further drop in prices ahead.
Ethereum Whale Books Over $1 Million Loss
In a notable move, Ethereum whales have begun offloading their holdings at a loss. Nine hours ago, three wallets—likely controlled by the same entity—sold 10,070 ETH for 33 million DAI at an average price of $3,280 per ETH, incurring a $1 million loss.
As per the blockchain data by LookOnChain, this whale has withdrawn a total of 24,029 ETH, worth $81.3 million, from crypto exchange Binance three weeks ago using 10 newly created wallets. However, as of now, the whale retains a total of 13,959 ETH, worth $45.48 million, across all these wallets.
Source: LookonChain
Additionally, Tron founder Justin Sun deposited a total of $320.4 million worth of Ethereum to crypto exchange HTX in the last 13 hours, as per data from Spot On Chain. Since November 10, 2024, Sun has deposited a total of 323,591 ETH worth $1.124 billion to HTX, with an average of $3,472. These ETH were predominantly accumulated at $3,036 during the 2024 first half.
Source: Spot On Chain
ETH Supply Reaches Pre-Merge Levels
Popular crypto analyst Benjamin Cowen stated that the Ethereum supply is likely to reach pre-merge levels in the next few weeks. Currently, the Ethereum supply is reaching 45K ETH per month and is now only 32K ETF away from the pre-merge levels.
While ETH demand briefly improved after rate cuts began, it has since remained low. As a result, Ethereum’s supply has been inflationary for the past 10 months, reversing deflationary trends initially anticipated post-merge.
Source: Benjamin Cowen
ETH Price Action Moving Ahead?
Ethereum’s price is currently trading under pressure, dropping another 2.6% in the last 24 hours. It is trading at $3,186.04 with a market cap of $383 billion. Popular crypto analyst Ali Martinez noted that Ethereum’s (ETH) most critical resistance zone is between $3,360 and $3,450.
On the downside, key support levels for ETH price have been identified between $3,066 and $3,160, providing vital benchmarks for traders navigating the market.
Source: Ali Martinez
Despite this massive Ethereum selloff by whales, crypto market analysts continue to be bullish about Ethereum moving into 2025. Prominent crypto analyst Altcoin Sherpa suggests ETH price may be following a familiar market cycle pattern. The analyst highlights three key stages:
Red Zone: Indicates liquidations.
Yellow Zone: This represents a sharp “V-shaped” recovery, though it ultimately results in a lower high on lower timeframes (LTF).
Yellow Circle: Marks a retest of previous lows, followed by a potential upward trend.
Source: Altcoin Sherpa
Market analysts have already predicted that Ethereum could surge past $10,000 by mid-2025. However, the overall sentiments for this must turn bullish with a decline in selloffs by Ethereum whales.
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