Is the Ethereum price crash powered by whales? Large transaction volume increased by 55%

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Ethereum whales have been very active lately, suggesting that the recent decline in Ethereum price may be driven by these large holders. This is especially important now that Altcoin’s price has been driven to new monthly lows and sales pressure continues to increase. If these whales don’t relax anytime soon, then this could be the trigger for the loss of $2,000 support from Ethereum prices.

ETH whales surge 55%

According to Intotheblock, Ethereum whales have attracted interest from their recent sleep and have profited from the market again. This can be seen in indicators of the number and quantity of large transactions, ranging from the number of ETH and the range of US dollar figures.

These large transactions are classified as transactions carrying at least $100,000 coins, which usually show when and when they move and are idle. These numbers first soared to the weekend of June 20, when it grew nearly 100% from trading of 1.89 million ETH. 3.71 million ETH moved within 24 hours.

As Ethereum prices tend toward $2,400, this coincides with the beginning of the market decline. The figures were softer after falling to 1.57 million ETH on Saturday, June 21. But this will change soon as the crash blooms by Sunday’s sell-off reception.

Data shows that more than 2.58 million of ETHs were moved in Sunday’s large transactions, suggesting that these large holders could have sold as prices fell. Judging from the dollar figure, this totaled $5.7 billion, compared with the previous day of $3.66 billion.

This spike will increase by 55.62% compared to the previous day’s record, suggesting that whales are very active as Ethereum’s price drops to $2,100. Given that Ethereum holds at 56%, it is dominated by large holders, it shows how much impact these investors have on price and moving from either way they can determine their direction.

Where is the price of Ethereum?

As Ethereum whale volume continues to rise and the price trend is low, crypto analyst Rektproof predicts what the next step may be. While many hope altcoins will find the bottom, analysts only see relief bounces before prices lower their new weekly lows.

The goal from here is to fill the CME gap fully, and once the range is completed, analysts expect the price to drop to $1,800. This is Rektproof’s level recommendation, which is to hope to start entering the field position in the event of a major rebound.

Featured pictures from dall.e, charts from tradingview.com

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