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Galaxy Digital, Whales, Institutions, Retail Sell Off Ethereum: How Low Can ETH Go?

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TL;DR

  • A growing number of various investors have continued to dispose of their ETH holdings, which could spell further trouble for the asset.
  • With its price already struggling well at $1,600, the question remains – what’s next for the second-largest cryptocurrency?

Galaxy, Whales, Institutions Offload

The landscape around Ethereum is not favorable at all, not only regarding the underlying asset’s price performance, but we will focus mostly on that and how various investors view it. Mike Novogratz’s Galaxy Digital, which is among the big players in the ETH investment ecosystem, is most likely dumping some of its holdings after making several substantial transfers to centralized exchanges like Binance and Coinbase.

According to Lookonchain, Galaxy has deposited $80 million worth of ETH to those trading platforms in the past five days alone.

What’s even more worrying is the fact that Ethereum whales have joined the sell-off pack. Ali Martinez said these large market participants have disposed of 143,000 ETH (valued at roughly $230 million at today’s prices) within a week.

The Ethereum ETF situation in the US is a particularly painful scene. Only one of the trading days in April has seen minor inflows ($2.1 million on April 4), while red dominated the rest of them. Moreover, 34 out of the last 40 days have been in the red, with investors pulling out almost $1 billion in the meantime.

But it’s not just institutions and whales. Lookonchain informed that even smaller investors have capitulated, such as this wallet that held ETH for 11 months but sold off at a big loss of $2.6 million (-58.6%).

What’s Next for ETH?

Ether peaked at just over $4,000 during this cycle but failed to overcome that level despite a couple of challenges. Since the last attempt in mid-December, it has been mostly downhill. The culmination came last week when ETH dumped to a two-year low of $1,400.

It managed to bounce off and recover around $200 since then, currently trading at $1,600. According to Martinez, the asset’s key support lies at $1,528, where over 4.8 million ETH was accumulated from 2.61 million addresses.

If that crucial support fails, Ether could plunge to $1,100. Nevertheless, some crypto analysts remain bullish on the asset despite the ongoing correction and sell-offs. As a raportat earlier, Carl Moon said ETH was trying to break out from a descending channel, which could lead to a surge to $3,000 if there’s enough volume.

Postul Galaxy Digital, Whales, Institutions, Retail Sell Off Ethereum: How Low Can ETH Go? a apărut prima dată pe CryptoPotato.

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