- Ethereum jumps 13% to $1,612 as whales offload over 10,700 ETH worth $16.86M.
- Technicals show falling wedge; $35B volume signals rising trader interest.
- SEC approves options for spot Ether ETFs, boosting institutional demand.
Long-term Ethereum whales have been offloading their ETH holdings in big numbers over the past three days as ETH price faces massive selling pressure. Although ETH has bounced back more than 13% from the lows of $1,400, whales have adopted the sell-on-rise strategy.
Large Whale Movements Trigger Questions on Ethereum’s Market Strength
Ethereum has bounced back strongly over the $1,500 mark even as long-term holders continue to exit their positions. A veteran Ethereum investor has sold a massive 10,702 ETH, worth a staggering $16.86 million, at a price of $1,576 per token.
Blockchain data reveals that the investor acquired the $ETH as early as 2016, when the cryptocurrency was priced at just $8, as per the Etherscan data. The selling occurred as ETH briefly slipped near $1,400 earlier this week, sparking speculation about coordinated exits from high-value wallets.
This wave of selling has coincided with a broader sentiment shift among veteran Ethereum holders. Many of them refrained from selling during the 2021 highs when ETH reached above $4,000. Now, with renewed market volatility and shifting regulatory signals, long-dormant wallets have begun to offload.
Blockchain data indicates similar activity across multiple addresses, leading to significant pressure on ETH prices. Ethereum’s price increased by more than 13% and now trades around the $1,612 mark.
Bullish Chart Patterns and Analyst Commentary Signal Possible Recovery
Technical analysts have pointed to a falling wedge pattern emerging on Ethereum’s chart, a formation often linked to trend reversals. The pattern developed as ETH maintained support during recent lows, suggesting a potential breakout. The daily trading volume surged past $35 billion after increasing by more than 36%. The rising market activity reflects growing trader participation and heightened interest from short-term market participants.
According to crypto analyst Luciano_BTC Ethereum remains strong at key support levels which indicates favorable short-term price performance. The market could experience intensified upward movement if the price passes the resistance line of the wedge formation.
Market observers are watching closely for further confirmation from broader indicators. Additionally, analysts have highlighted that recent market movements are being influenced by policy updates and macro shifts rather than internal weaknesses.
SEC Ether ETF Options Approval Adds to Market Optimism
The U.S. Securities and Exchange Commission initiated a development that provided a further boost to Ethereum’s recovery. The agency gave its approval for options trading on spot Ether ETFs which creates more institutional opportunities for exposure. Asset managers and funds seeking Ethereum exposure without direct token custody may show increased inflows due to this development according to analysts.
This policy shift holds significant importance because retail investor skepticism is on the rise now. This development is part of the growing regulatory acceptance of Ethereum as a legitimate structured asset.
Crypto strategist Ali Martinez stated that recent whale capitulations could be viewed as an opportunity by new investors. He suggested that the market is presenting a favorable entry point for accumulation under the current conditions.
