Ethereum Whale Dumps $300M ETH Amid Panic Selling
The post Ethereum Whale Dumps $300M ETH Amid Panic Selling appeared on BitcoinEthereumNews.com.
Key Insights Ethereum price traded around $4,232, down less than 1% on the day. Whale selling added to bearish momentum. Analysts said $4,000 support could face another test. Ethereum price fell after it failed to hold above $4,700. At press time, the ETH price traded near $4,201, down about 0.4% over the past 24 hours. The token lost 9% over the week but gained 11% in the past month. Analysts said the pullback reflected increased selling pressure as whales took profits. The $4,000 level remained the most important area to watch for support. Ethereum Price Struggled to Hold Gains The daily chart showed that the Ethereum price lost momentum after surpassing $4,700. It pulled back toward the low $4,200s and hovered near an ascending trendline that had held for weeks. Analysts said the next key test sat near $4,000, where heavy buying had previously supported rebounds. The Stochastic Relative Strength Index (RSI) was around 36 at the time of writing, suggesting weaker buying interest. An RSI below 50 often signaled declining momentum. Resistance formed near $4,800, while support held close to $4,000. If support broke, the trendline could fail and trigger deeper losses. Ethereum 1-Day Price Chart | Source: TradingView Analysts noted that the overall trend stayed intact but warned that the proximity of the support zone increased the risk of a breakdown. The ETH price had potential to revisit the $5,000 range if support remained strong, but weak demand limited the odds of a swift recovery. Whale Profit-taking Pressured ETH Price Data shared on X by Lookonchain highlighted whale exits that influenced recent market action. A veteran trader closed 66,749 ETH long contracts worth about $303 million, securing a profit of $6.86 million. The trade marked the end of a long-term position. Another large swing trader sold 2,277 ETH,…
