Recent movements in Ethereum’s price have showcased a volatile trend, with the cryptocurrency dipping below key support levels of $3,000 and $2,920, and currently trading at $2,944.

Insights from @intotheblock reveal that 1.38 million addresses collectively purchased 1.33 million ETH, amounting to $3.9 billion, at an average price of $2,984.

These addresses are currently facing losses and may potentially exert selling pressure once their positions break even.

Data from @intotheblock shows that 1.38M addresses bought 1.33M $ETH($3.9B) at an average price of $2,984.

They are currently at a loss and may generate selling pressure when their positions reach breakeven.

4 whales sold 34,134 $ETH($100.8M) near the $3,000 price.

0x7102… pic.twitter.com/mFSnvxRgAL

— Lookonchain (@lookonchain) February 23, 2024

Additionally, notable sell-offs by four whales have been observed:

– Address 0x7102 sold 16,597 ETH, valued at $48.7 million, at $2,934 on a decentralized exchange (DEX).

– Address 0x702a offloaded 8,040 ETH, amounting to $23.89 million, across DEX and Binance.

– Address 0x9017 deposited 4,809 ETH, valued at $14.28 million, to Kraken.

– Address 0x7485 deposited 4,688 ETH, amounting to $13.928 million, to Binance.

Despite these sell-offs, reports indicate fresh accumulations in the market. Notably, the whale address 0x7a9 withdrew an additional 25,104 ETH, equivalent to $74 million, from Binance at an average price of $2,950 within the past 24 hours.

Since February 8, this whale has purportedly acquired 138,070 ETH, valued at $391 million, at an average price of $2,829. These acquisitions include:

– Withdrawing 99,538 ETH, worth $281 million, from Binance and HTX.

– Purchasing 38,531 ETH with 110 million USDT on 1inch.

The giant whale 0x7a9 withdrew another 25,104 $ETH ($74M) from #Binance at ~$2,950 in the past 24hrs.

Overall, since Feb 8, the whale has allegedly bought 138,070 $ETH ($391M) at ~$2,829, including:
• withdrew 99,538 $ETH ($281M) from #Binance & #HTX
• bought 38,531 $ETH with… https://t.co/BOEsJIVFlQ pic.twitter.com/i7XjtJH9Nw

— Spot On Chain (@spotonchain) February 23, 2024

The estimated unrealized profit from these transactions stands at $21.57 million, reflecting a gain of 5.5%.

As Ethereum navigates through these fluctuations, investors and analysts closely monitor the market dynamics, evaluating both buying and selling activities to anticipate potential trends in the cryptocurrency’s price trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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