Ethereum (ETH) price has experienced a recent surge, hitting $2,600. The trend is bullish, but whales or institutional investors sold off approximately $45 million worth of ETH on Saturday.
Ethereum Whales Sell $45 Million ETH as ETH Price Hits $2,600
In a recent development, two whales have sold large amounts of Ethereum (ETH). According to a report from Lookonchain, a wallet associated with Cumberland moved 11,800 ETH, valued at approximately $31.88 million, to Coinbase. This transaction occurred about seven hours ago. Additionally, ParaFi Capital has withdrawn 5,134 ETH, worth an estimated $13.83 million, from the Lido platform. This ETH was subsequently transferred to Coinbase Prime around six hours ago.
2 institutions are selling $ETH!
A wallet related to #Cumberland deposited 11,800 $ETH($31.88M) into #Coinbase 7 hours ago.#ParaFiCapital withdrew 5,134 $ETH($13.83M) from #Lido and deposited it into #CoinbasePrime 6 hours ago.
Address:… pic.twitter.com/zuOe68IIuJ
— Lookonchain (@lookonchain) September 28, 2024
The significant movements of ETH have raised concerns, particularly in the crypto community, where institutional activity often signals market shifts. Cumberland and ParaFi Capital, both recognized entities in the crypto industry, appear to be adjusting their ETH positions.
ETH Price to Hit $20K: Analyst Forecasts
Crypto analyst Julien Bittel, CFA, has forecasted a significant surge for Ethereum, potentially hitting $20,000 by early 2025. Comparing ETH’s 2023 trend with current data, he observes striking similarities, suggesting a potential repeat of last year’s bullish movement.
Ethereum price to hit $20K
Bittel shared a chart that illustrates Ethereum’s performance from January 2023 to March 2024, mirroring its present trajectory. If this pattern holds, the ETH price forecast could see substantial gains by year-end, pushing towards the $20,000 mark by January 2025.
ETH price has slightly increased to $2,671.43, registering a modest rise of 0.05% over the last 24 hours. Despite this small uptick, the price remains within the range of $2,643 and $2,728 during the same period.
The chart reflects fluctuations in market volatility between these levels, with notable highs near $2,700 and dips toward $2,660. Ethereum’s overall performance displays resilience, hovering near the $2,670 mark as it navigates market pressures.
Despite institutional selling, Ethereum shows resilience with a modest price rise. The $20,000 forecast by 2025 adds optimism, although market volatility persists. Ethereum’s near-term stability suggests potential growth, even as institutional investors adjust their positions.
The post Ethereum Whales Sell $45 Million ETH, What’s Next? appeared first on CoinGape.
