Ethereum Sell-off Coming? Whales Off-load $40 Million of ETH

Ethereum (ETH), the world’s second-biggest cryptocurrency, is experiencing notable selling pressure due to continuous dumping by whales and institutions. Amid this market downturn, whales and Ethereum co-founder Vitalik Buterin have transferred a significant over 15,706 ETH worth $40.13 million in the last 24 hours, as reported by the on-chain analytic firm Lookonchain.

Ether Whale Dumps $40 Million of ETH

According to Lookonchain’s post on X (Previously Twitter), out of 15,706 ETH, 14,906 ETH were dumped to centralized exchanges (CEXs) including Binance and Coinbase. Meanwhile, Buterin moved 800 ETH to a multisig wallet and later swapped 190 ETH for $477,000 USDC.

Based on the price action and technical analysis, with this bearish outlook, there is a high possibility that ETH could decline by 12% to the $2,200 level in the coming days.

Key Liquidation Areas

Meanwhile, short sellers are dominating and liquidating long positions. Currently, the major liquidation levels are near the $2,487 level on the lower side and $2,550 on the upper side, according to the on-chain analytic firm CoinGlass. This data indicates that traders have been over-leveraged at these levels in the last 24 hours.

If the market sentiment remains bearish and the ETH price falls to the 2,487 level, nearly $256 million worth of long positions will be liquidated. Conversely, if the sentiment shifts and the price rises to a $2,550 level, approximately $168 million worth of short positions will be liquidated.

Ether Price Analysis

These data show that ETH is currently $10 away from the massive long liquidation. At press time, Ether is trading near the $2,498 level and has experienced a price decline of over 2.65% in the last 24 hours. Meanwhile, its trading volume has dropped by 16% during the same period, indicating lower participation from traders due to the ongoing ETH dump and market sentiment.