Ethereum price fell below $3,300 after a sell-off led by short-term holders. Large whales have been buying during the dip, potentially mitigating further decline.
Ethereum price today is $3,300. Ethereum saw a net selling pressure of over 120K ETH sparked by small-scale whales and short-term holders after the market decline . Large whales have returned to action, weathering the selling pressure by accumulating 210K ETH. Ethereum could stretch its decline to $3,110 to hit the target of a rounding top pattern. Ethereum (ETH) briefly declined below the $3,300 key level, recording a 4% loss on Wednesday as short-term holders led the selling pressure.
If the buy-side pressure of large whales fails to outweigh the bears, the top altcoin could decline to $3,110. Following Tuesday's general crypto market decline, investors flooded exchanges with a net inflow of nearly 120,000 ETH worth about $400 million, per CryptoQuant's data. Net inflows in crypto exchanges signify potential selling activity, while vice versa for outflows. The Network Realized Profit/Loss metric shows that ETH's 12% decline in the past two days caused most investors to panic into booking losses worth over $50 million. Most of the recent selling activity was triggered by investors holding between 1K to 10K ETH, as indicated by the falling blue line in the chart above. These investors depleted their holdings by 110,000 ETH in the past three days. The spike across the 365-day, 180-day and 90-day Dormant Circulation also indicates that short-term holders were at the forefront of the sell-side pressure. Dormant Circulation reveals the total amount of distributed coins previously held for a particular timeframe. An increase in this metric signifies distribution, while vice versa for a decline. The high selling activity pressured the derivatives market, where Ethereum led with over $130 million in long liquidation
Ethereum ETH Price Whales Short-Term Holders Market Decline
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