ethereum on the move
The price of ethereum (ETH) has been experiencing a reversal in recent days. However, whale activities suggest that large wallets may be exploiting the current price range. According to reports from LookonChain, two ethereum whales sold off over 28,000 tokens, indicating potential market manipulation or strategic profit-taking moves.
ethereum netflow impact
Despite the large sell-offs by whales, the netflow chart revealed that there was a net outflow of ETH on 17th November. This means that over 16,000 ETH left the exchanges during that period. However, the current trend shows a reversal, with over 10,000 ETH flowing into exchanges. This shift suggests an increase in the amount of ETH being deposited into exchanges, potentially for selling.
Whales tapping into profit
An analysis of the Market Value to Realized Value Ratio (MVRV) of ethereum revealed potential motivations behind the observed market movements from the whales. The MVRV had decreased significantly, from over 25% to around 7%, indicating that the profit derived from the sales of ETH has experienced a substantial reduction.
ETH weakening bull run
The daily timeframe chart for ethereum showed a 1.7% decrease in value, trading around $1,920. This decline is underscored by the movement of its Relative Strength Index (RSI) line. It was situated in the overbought zone in the previous period, signifying a strong bull run. However, the current trend suggests a weakening of the initial bull run.
The recent sell-offs by ethereum whales have impacted the overall market sentiment and the price of ETH. The market movements indicate potential profit-taking strategies by whales and a weakening bull trend for ethereum. It is important for traders and investors to closely monitor these developments to make informed decisions.
### News source: eng.ambcrypto.com