Originally published on: November 22, 2024
Industry analysts are optimistic about Ether’s market price, even with a significant sell-off from early investors totaling over $1.3 billion. The recent activity of a long-dormant whale investor has caught the attention of the crypto community, but the overall sentiment remains positive for Ether’s future.
The whale investor, holding billions worth of Ether acquired at an average cost of $6, has started selling off their holdings after years of accumulation. This selling pressure, combined with other large investors like Cosmos developer Interchain, has not deterred the upward momentum of Ether. In fact, Ether’s price has seen a 7.5% increase in the past week, reaching over $3,369.
Analysts point to Ether’s correlation with Bitcoin, which recently achieved record highs, as a key factor in its potential rally towards its previous all-time high. Despite the significant sell-offs, experts believe that Ether could retest the $3,700 resistance level in the near future.
Whales like the $1.3 billion investor and Interchain may impact Ether’s price in the short term, but the overall market sentiment remains bullish. With a potential breakout on the horizon, investors are keeping a close eye on Ether’s price movement and anticipating further gains in the coming weeks. Don’t miss out on the latest developments in the crypto space, subscribe to the Finance Redefined newsletter for insightful analysis and valuable financial opportunities delivered to your inbox every Friday.