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Ethereum (ETH) is seeing the start of a new wave of price growth after breaking out of its two-month bearish pattern, but selling pressure from whales could limit the rally.
Over the past three days, large Ethereum holders with between 100,000 and 1 million ETH in their wallets have sold around 300,000 Ethereum units; In other words, more than 971 million dollars have been injected into the market.
However, long-term investors can prevent selling pressure from whales. The data shows that a significant portion of Ethereum’s long-term holders remain unmoved, helping to maintain price stability.
Ethereum is currently trading in the $3,265 range, and technical analysis shows the potential for growth to the $4,061 range.
Shorter-term targets include $3,447 and hold support at $3,287. However, if the whales’ selling pressure intensifies, there is a risk of a fall to around $3,131 and even $2,902, threatening the bullish scenario.
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