The post Ethereum (ETH) to face selling pressure from ICO whale, outflows from staking appeared on BitcoinEthereumNews.com.

Ethereum (ETH) recovered above $2,600 after the latest crypto rally, but may be facing renewed selling pressures. An ancient ICO whale and a large-scale staker may try to liquidate their holdings.  Ethereum (ETH) may be facing more selling pressure from whales that held for a long time. ETH prices recovered above $2,600 after the US elections rally, but may continue to face selling pressure.  Within a short span, the ETH network saw transactions from one early ICO buyers, as well as a large-scale staker. One of the early investors acquired ETH at $0.31 and recently transferred 15K ETH to Kraken.  The early buyer acquired a total of 150K ETH from the Genesis address during the ICO in 2016. The recent transaction originated from an intermediate address, with all 15K ETH sent out as a Kraken deposit. The whale held through much more active bull markets, but chose to sell at a time of low sentiment for ETH.  As with other series of deposits, the move may not be tied to an immediate sale, but to expectations of further recovery for ETH. ETH ICO participants rarely sell directly, and some have turned into ecosystem investors. The last whale deposit to exchanges from an ICO wallet was noted on October 24, when the early buyer moved just 3K ETH. Previously, the same whale moved 7K ETH in the summer of 2024, leading to a deeper price crash.  The latest whale move follows a relative low of large investor activity in the past three months. Whales moved ETH at a high rate in August, coinciding with the month’s deep correction.  Unstaked ETH flows into DeFi The other source of selling pressure comes from unstaked ETH. Recently, a whale took profits from a staking position, withdrawing a total of 2,236 ETH.  After the unstsaking,…

---

Filed under: News - @ November 6, 2024 4:26 pm