Ethereum price recovery has run out of steam amid lingering fear in the crypto industry. It also remained in a tight range as one big whale sold ETH tokens worth millions. Ether was trading at $3,022 on Saturday, down ~40% from its year-to-date high.
Ethereum Price Stalls as Whale Sells
The ETH token remained under pressure, as on-chain data shows that a major whale dumped 18,000 ETH, worth $54 million, to Bitstamp.
The whale has been on an accumulation spree over the past eight years, with his holdings reaching 154,076 ETH. He has now sold about 87,824 coins and currently holds 66,252 coins worth over $201 million. This unknown whale has become one of the biggest ETH holders.
Earlier this week, another Ethereum whale also dumped tokens. The whale, who participated in the Initial Coin Offerings (ICO), dumped 20,000 tokens worth about $58 million. He received 254,908 coins during the ICO.
Still, some major positives could boost Ethereum’s price in the coming months. For one, while whales are selling, Tom Lee’s BitMine has continued accumulating the tokens.
The company has bought over 316,620 tokens in the last 30 days, bringing its total holdings to 3.629 million, which are now worth over $10.9 billion. This accumulation is notable given that Ethereum is in a bear market.
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The other major catalyst for Ethereum’s price is the developers’ imminent launch of the Fusaka upgrade. This upgrade is part of the network’s continuous improvement efforts as it seeks to solidify its market share in key industries such as DeFi and RWA.
The upgrade, which will activate on December 3, will bundle 11 EIPs targeting scalability, node resilience, and efficiency. It will be a different upgrade from Pectra, as its features will be behind the scenes and Ethereum users won’t notice.
In a recent statement, Arthur Hayes praised Ethereum for its dominance across multiple areas. For example, it has 70% market dominance in the DeFi industry.
ETH Price is Still at Risk of a Dive
The daily timeframe chart shows that the recent Ethereum price rally has stalled at the psychological $3,000 level. It is slowly forming a bearish flag pattern, suggesting more downside.
Ethereum price has also formed a death cross pattern and is below the Supertrend indicator. That is a sign the token may continue to fall in the near term, potentially to this month’s low of $2,620.
On the positive side, the Ethereum price has formed a falling wedge pattern, which often signals further gains. If this happens, the next key level to watch is $3,500.
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