The crypto market has been challenging, and Ethereum (ETH), the second-largest cryptocurrency, is no exception. Despite its dominant position, the token has faced significant headwinds in recent weeks, with its price showing no signs of a sustained recovery. Key Metrics Point To Continued Bearishness According to crypto analyst Ali Martinez, some of the largest Ethereum whales, holding over 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down. This mass exodus of large investors has contributed to ETH’s 26% price drop over the last 30 days, narrowing its year-to-date gains to just 55% – making it one of the weaker-performing tokens in this timeframe. The selling pressure from these Ethereum whales has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months. Related Reading: MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish Momentum? This bearish sentiment surrounding ETH is further exacerbated by the TD Sequential indicator, which has presented a sell signal on the cryptocurrency’s hourly c ..
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