Ethereum price recovery has run out of steam as a sense of fear remains in the crypto industry. It also remained in a tight range as one big whale sold tokens worth millions. ETH was trading at $3,022 on Saturday, down by ~40% from its highest point this year.
Ethereum Price Stalls as Whale Sells
ETH token remained under pressure as on-chain data shows that one major whale dumped tokens today. The whale moved 18,000 ETH tokens worth $54 million to Bitstamp.
The whale has been in an accumulation spree in the past eight years, with his holdings hitting 154,076 ETH tokens. 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 may boost the Ethereum price in the coming months. For one, while whale 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 as it is happening with Ethereum remaining in a bear market.
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The other major catalyst for Ethereum price is that the developers are about to launch the Fusaka upgrade. This upgrade is part of the network’s continous improvement as it seeks to solidify its market share in key industries like 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 than Pectra as its features will be behind the scenes that 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 reveals that the recent Ethereum price rally has stalled at the psychological point at $3,000. It is slowly forming a bearish flag pattern, which leads to more downside.
Ethereum price has also formed a death cross pattern and is below the Supertrend indicator. That is a sign that the token may continue falling in the near term, potentially to this month’s low of $2,620.
On the positive side, Ethereum price has formed a falling wedge pattern, which often leads to more gains. If this happens, the next key level to watch will be at $3,500.
