Whales sell $1.8 billion worth of ETH when price fails to recover

! Ethereum (ETH) is struggling to recover, hovering around $1,700 over the past few days. Despite attempts to increase the price, ETH has not been able to gain significant momentum

The fact that prices have stagnated without a breakthrough has prompted whales to carry out large-scale sell-offs, further deepening the pessimistic sentiment in the market.

Whale ETH start selling

Over the past three days, addresses holding between 100,000 and 1 million ETH have sold about 1.19 million coins, worth more than $1.8 billion. The whales' decision to release large amounts indicates a shift in market sentiment, as they may be looking to offset potential losses due to a stalled recovery

As Ethereum fails to sustain momentum above $1,700, large holders seem to be taking advantage of the current price to sell, causing the market to continue falling. The sell-off of these whale addresses signals a lack of confidence in the short-term ETH price movement.

! ETH ETH whale holdings | Source: SantimentETH's overall macro momentum is currently weak, as evidenced by the deep negative MVRV Long/Short Spread Index at -29%. This indicator shows that long-term investors are (LTH) struggling to maintain profitability. Meanwhile, short-term investors (STH) often take profits quickly, increasing volatility and downward pressure on the leading altcoin by capitalization

With the majority of profits going to short-term investors, ETH is becoming increasingly vulnerable to further price drops. As more and more short-term investors sell off their assets, prices are likely to continue to be under downward pressure, especially in the absence of clear incentives to drive the rally again.

! ETH ETH Long/Short MVRV Spread | Source: Santiment## ETH price holds firm above 1**.500 dollar

Currently, ETH price is at $1,570 after failing to break through the $1,700 resistance level. The altcoin remains above the critical support level of $1,533. However, with negative signals from the general market, the risk of a deep decline still exists if the pessimistic sentiment continues

Ethereum may have a hard time regaining momentum. Without support from the broader market or positive news, a breakout of the $1,533 support level can extend the current downtrend. In case of failure to hold this support, the price can fall to the $1,429 region and extend the ongoing losing streak.

! ETH ETH Price Analysis | Source: TradingView However, if ETH can regain the $1,625 level as support, it will indicate the possibility of a new rally aimed at conquering the $1,700 level. If ETH successfully breaks through this level, the price can move towards the $1,745 region, thereby nullifying the current bearish outlook and opening up opportunities for a trend reversal.

Disclaimer:*** The article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions

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Minh Anh

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