Key Insights
- Ethereum price currently hovers around $4,300 as short-term traders lock in gains.
- According to reports, the mysterious Whale group “7 Siblings” is now taking profits. It has sold $88M in ETH in less than a day.
- Analysts expect a possible pullback to $3,860 if Ethereum loses its essential price levels.
When writing, the Ethereum price is testing the $4,700 price level. However, it is now facing selling pressure from short-term holders who are taking massive profits.
On-chain data shows a surge in realised gains from traders who held ETH for less than 155 days. This indicates that a short-term pullback could be closer than many realize.
Ethereum Price Shows Signs Of An Incoming Pullback
According to Glassnode, short-term investors realize about $553 million in daily gains. At this pace, this is far higher than the long-term holders. These profit-taking levels are still 39% lower than last month’s peak when the Ethereum price traded near $3,500.
Long-term holders, however, are still largely inactive and are selling at levels last seen in December of last year.
Institutional Interest Grows Despite Selling Pressure
According to Nansen, ETH has climbed 43% in the past 30 days. When writing, the Ethereum price was trading at $4,283. This means it is about 5% from its all-time high of $4,828 during the previous bull run. Institutional activity has been one of the biggest drivers of this action.
With this, the Spot Ethereum ETFs recorded a $1.01 billion daily net inflow on Monday. Companies with crypto treasuries have also risen, collectively holding over 3.04 million ETH.
These combined holdings from these companies are now worth about $13 billion. The trend is actively supported by a surge in Ethereum’s TVL of more than $90 billion at the time of writing.
Whale Activity Adds to Market Caution
One of the most significant developments with Ethereum is from the infamous Ethereum whale collective known as “7 Siblings.” The group holds around 1.21 million ETH worth $5.6 billion. It has sold around $88.2 million worth of ETH within 15 hours.
According to Lookonchain, they offloaded 19,461 ETH at an average price of $4,532. The whale group has a history of buying ETH in large amounts. This includes over 103,000 ETH purchased between February and April last year at an average price of $2,219.
The group’s sales come alongside recent profit-taking from other large holders, including the Ethereum Foundation. It sold 2,795 ETH worth $12.7 million this week.
Analysts Split on Next Move
Some analysts now warn that the Ethereum price could pull back if it fails to maintain current levels. Analyst Martinez, for example, recently noted that losing $4,150 could push the price to $3,980 or even $3,860.
Santiment’s Brian Quinlivan added that public news of large institutional buys can sometimes have the opposite effect. In particular, they can trigger short-term fear of missing out (FOMO) that then comes before a temporary price dip.
On the other hand, crypto trader Yashasedu believes that ETH has a solid chance of gaining upside if Bitcoin rallies.
Per the analyst, if Bitcoin reaches $150,000, the Ethereum price could trade between $5,376 and $8,656. These speculations are based on historical correlations where Ethereum’s market cap reached 30%–35% of Bitcoin’s.
The Road Ahead for Ethereum Price
The $4,300 mark is proving difficult to break for ETH so far. The strong ETF inflows and institutional buying have shown confidence in Ethereum’s future over the long term.
Investors should note that Profit-taking by whales and traders may act as a cap for near-term gains. However, if Bitcoin enters a strong rally and Ethereum holds its ground, the next leg up could target new highs.
Traders are closely monitoring whale wallet activity and ETF inflows. These signals and price action could hint at Cardano’s next big move.
Ivan Petrov is a seasoned journalist with deep insights into Russia’s dynamic crypto landscape. His work focuses on market dynamics and the transformative potential of blockchain technology, making him a go-to expert for understanding Russia’s digital financial innovations.
