Ethereum Faces Downward Pressure as Whales Dump Holdings

Ethereum (ETH) is experiencing significant selling pressure as long-term holders liquidate their positions. Recent large-scale sell-offs, including a notable transaction of 7,974 ETH worth $11.8 million, have contributed to ETH’s underperformance in the market. With a 17.52% monthly decline, ETH stands out as the weakest high-cap asset amid broader market de-risking.

Ethereum Under Pressure from Whale Sell-offs

Ethereum [ETH] is currently under pressure as long-term holders continue to offload their holdings. After three years of dormancy, an Ethereum OG has liquidated 7,974 ETH at a price of $1,479, totaling $11.8 million. ETH’s daily price dip followed the broader market’s de-risking, but its monthly performance revealed a deeper weakness with a steep 17.52% decline. This underscores the impact of these large sell-offs, making ETH the weakest high-cap asset. The catalyst for this sell-off was ETH breaching its multi-year support, recently dipping below $1,500 - a level unseen in two years. The MVRV ratio has flipped negative, historically signaling undervaluation and potential accumulation zones.

SEC Approves Options Trading for Spot Ethereum ETFs

The US SEC has approved options trading for Ethereum (ETH) ETFs, potentially leading to significant growth in the crypto market. The approval was published in their latest Notice of Filing on April 9, 2024, almost a year after the proposal was submitted. Options trading allows for speculation on ETH’s price movement, which could lead to Leveraged gains. ETH is the second-largest crypto by market capitalization and the largest in terms of utility.

Ethereum Price Rebound Prediction: Breakout to $1,800?

Despite the Ethereum price struggling amid the market downturn, pseudonymous crypto analyst NotWojak predicts a bullish trend for Ethereum, suggesting that the current downtrend could end soon with potential reversals indicated by liquidity sweeps across major levels. The analyst identifies two supply zones that could play a key role in this potential price rebound to $1,800.

Are Ethereum Whales Giving Up? Long-Term Holders Start Selling as Price Recovers

The return of risk-on sentiment sparked a recovery, but Ethereum’s status as a ’best crypto to buy’ contender is questioned. Long-term holders are offloading at a loss. As global investment markets rallied on Trump’s 90-day “tariff war” pause, Ethereum saw a 24% surge to a $1695 peak. However, sentiment quickly cooled, and a ’sell-the-news’ event dragged Ethereum back to $1550. Now down over 60% from its post-election rally highs, ETH is seeing capitulation trades from holders looking to limit further downside. Long-term Ethereum holders have entered ’capitulation’ mode.

Vitalik Buterin Unveils Ethereum Privacy Roadmap

Ethereum’s co-founder, Vitalik Buterin, has unveiled a privacy roadmap for Ethereum [ETH] aimed at enhancing user safety and anonymity. The approach would involve minimal changes to Ethereum’s L1 design, focusing instead on wallet integration with privacy protocols such as Railgun and Privacy Pools. Buterin suggested that wallets should have a shielded balance option, allowing users to send transactions from this shielded balance for added privacy. Additionally, he advocated for further privacy features at the application and network levels by hiding app transactions. However, the update did not spark significant speculative interest in the altcoin.

Ethereum Leads NFT Sales as Polygon and Mythos Compete

Ethereum remained the most active network for NFT sales at $37.2 million and 119,836 transactions in the week, according to Phoenix Group data. Polygon and Mythos followed closely with growing transaction volumes and buyer interactions. Ethereum facilitated over 20,797 buyers and 16,096 sellers, solidifying its dominance in weekly NFT sales.