Ethereum Slumps Under Whale Selling Pressure as Bull Targets Loom Large

Ethereum (ETH) has seen a significant sell-off in the past 24 hours, with large investors moving 226,435 coins worth around $430 million. This move has raised concerns among some analysts that ETH may be heading for fresh bearish momentum.

According to Ali Martinez, this group of market participants now controls 26.64 million coins, approximately 22% of the asset's circulating supply. The sell-off from whales is often seen as a concerning factor that could spread panic across the community and prompt smaller players to cash out.

However, not all analysts are bearish on ETH. Martinez himself had earlier spotted a golden cross on the price chart, outlining the $1,980-$2,080 range as the first major resistance zone. If bulls manage to clear it, the next key level he's watching for sits at $2,773.

Other analysts are even more optimistic, with some predicting that ETH could see a 5x move from current levels or reach an all-time high of $20,000. The amount of ETH stored on crypto exchanges has also fallen to a new 10-year low of 15.13 million coins, suggesting that investors continue to abandon centralized platforms in favor of self-custody.