Whale exodus could drag Eth below $ 4K

TL; Dr.

• After weeks of consistent accumulation, Ethereum whales have changed the tone and have downloaded massive amounts of the second largest cryptocurrency.
• With the general feeling of the weak market in recent times, the question now arises from whether the asset will fall to and below the crucial support of $ 4,000.

Whales are sold, some buy

The data shared by the popular cryptographic analyst Ali Martínez shows that these great market participants have eliminated more than 430,000 ETH in the last two weeks, which is a marked contrast to their Ethereum approach during most July and August. From a USD perspective, this fortune is worth around $ 1.80 billion.

Remember that they accumulated almost the same amount only a few weeks ago, since the price of ETH had dropped from more than $ 4,800 to less than $ 4,100. Only a few days later, the cryptocurrency shot at a new historical maximum of $ 4,950 before it was corrected once again at $ 4,250 in the middle of the current sales sale.

However, a particular whale, which has become known as a Bitcoin OG in the cryptographic community in recent weeks, do not conform to the current market feeling. They continue to exchange BTC by ETH with another transaction of $ 109 million completed today. In total, the whale has bought approximately $ 3.4 billion in ETH while eliminating massive amounts from BTC.

Fall below $ 4K?

Such mass liquidations of whales could affect the underlying asset in a double way. First, they increase the immediate sales pressure. Second, their shares could be imitated by smaller investors, which could have a snowball effect on asset price movements.

As mentioned above, ETH fell to $ 4,250 today before recovering some land to recover $ 200. However, the danger is still coming from a deeper correction that could take the asset to $ 4,000 for the first time since the beginning of August.

Martínez said this is the most significant support line for the current ETH market structure. However, if lost, the next stop would probably be $ 3,800.