Crypto Whales Offload Over $8.5B Worth Of ETH; Analyst Eyes Critical Price Level
Portfolio Pulse from Murtuza Merchant
Crypto whales have sold over 5 million ETH, worth approximately $8.5 billion, since February 2023, according to crypto analyst Ali Martinez. There hasn't been any discernible shift toward ETH accumulation from these major players, indicating a continued selling trend. Martinez also noted that Ethereum is hovering above a critical demand zone and a daily close below the $1,530 mark could indicate a sharp correction in Ethereum's value. He also hinted at a potential 5% correction in BTC, potentially heading to $26,200.
October 11, 2023 | 8:02 pm
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Analyst Ali Martinez hinted at a potential 5% correction in BTC, potentially heading to $26,200.
The analyst's hint at a potential 5% correction in BTC could negatively impact its price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Crypto whales have sold over 5 million ETH, indicating a continued selling trend. Ethereum is hovering above a critical demand zone and a daily close below the $1,530 mark could indicate a sharp correction.
The massive sell-off of ETH by crypto whales and the warning of a potential sharp correction if Ethereum closes below a critical price point could negatively impact its price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100