Ether price is breaking out above $3,700 despite significant selling pressure, driven by an emerging bull flag, analysts report.
Some of the most well-known industry analysts think the Ether market price is ready for a price breakout, despite a significant sell-off by early investors worth millions.
After sitting inactive for more than eight years, a whale, or big investor, has begun to sell Ether.
According to the Nov. 22 X post by onchain analytics business Lookonchain, the whale began selling shortly after Donald Trump’s victory and amassed almost $1.34 billion worth of Ether at an average cost of $6.
“A whale that accumulated 398,889 $ETH(currently worth $1.34B) at an average price of ~$6 is selling $ETH again… After remaining dormant for over 8 years, the whale reactivated on Nov 7 and began selling $ETH. So far, 73,356 $ETH($224.42M) has been sold, leaving 325,533 $ETH (worth $1.1B).”
According to Cointelegraph data, Ether Price increased by more than 7.5% over the previous week, to trade above $3,369 as of 10:09 am UTC, despite selling pressure.
Due to Ether’s correlation with Bitcoin (BTC), which crossed $99,000 on Nov. 22 and produced the best monthly candle in cryptocurrency history, as well as BTC’s 40% increase so far in November, more and more investors are expecting Ether Price to rise back to its prior all-time high.
Despite Pressure From ICO Wallets Or Whale Selling, Ether Price Is Expected To Break Out At $3.7k
There are other investors putting a lot of selling pressure on Ether’s price besides the $1.3 billion whale.
Interchain, a creator of Cosmos and an early participant in Ethereum’s 2017 initial coin offering (ICO), has begun to sell Ethereum.
According to a post on X by the pseudonymous blockchain analyst EmberCN, the wallet linked to Interchain sold 3,000 ETH on November 22 for over $10.1 million, which is equivalent to over 21,600 ETH worth over $95 million, traded since April 2024, and sold at an average price of $2,591.
According to Arkham Intelligence data, the address with the Cosmos Network designation still contains more than 17,000 Ether valued at $57 million.
The price of the underlying cryptocurrency can be significantly impacted by whales with huge holdings, particularly if the entity chooses to sell a significant portion of the asset on the open market.
Ether Price is already preparing a breakout despite the selling pressure, which can cause it to retest the $3,700 resistance. Wrote in a Nov. 21 X post under the identity of analyst Rekt Capital:
“Ethereum is currently breaking out from its short-term Bull Flag. Confirmed breakout would see ETH revisit the ~$3700 resistance above.”
Bull flags are a bullish chart pattern that cryptocurrency traders use to identify impending price movements.
