Ether Whales Continue Sell-off as Ethereum Price Fights for $2,400

Key Notes

• Old ETH whales sell major holdings as price trades near $2,400.
• SharpLink Gaming recently increased ETH holdings, signaling continued institutional interest.
• Analyst forecasts ETH rally to $3,200 by July-end and $4,000 by September.

Ethereum ETH $2 450 24h volatility: 0.2% Market cap: $295.69 B Vol. 24h: $14.23 B is facing renewed selling pressure as it struggles to maintain the crucial $2,400 level. After starting the week on a high note, ETH dipped to $2,390 in the early hours of Wednesday before recovering to trade around $2,439 at the time of writing.

In the past 24 hours, ETH has lost around 1% of its value, wiping out around $6 billion in market capitalization. This decline comes amid increased whale sell-off. As per the on-chain data shared by Lookonchain, an Ethereum ICO participant sold another 501 ETH on July 1.

This participant has now sold a total of 14,394 ETH since April 2021 for around $50.1 million at an average price of $3,48. However, they still hold around 2,410 ETH valued at $5.85 million.

Another whale, who had been dormant for three years, deposited 2,450 ETH, worth around $5.94 million, to Kraken. This whale originally withdrew the same amount from Kraken in September 2022 when ETH was priced at $1,305, locking in a profit of $2.74 million.

Interestingly, the unrealized profit for this whale’s holding was over $6.6 million at the peak.

Institutional Buyers Step In Amid Optimism

Despite the ongoing whale sell-off, analysts are institutional investors remain bullish. Nasdaq-listed SharpLink Gaming recently added another 4,951 ETH, worth around $12.4 million, through an over-the-counter purchase.

This follows the company’s earlier purchase of 188,478 ETH at $2,513, showcasing continued institutional interest in the second-largest cryptocurrency.

Crypto analyst Ether Wizz recently shared a bullish price outlook for ETH, noting that the cryptocurrency has followed a Wyckoff accumulation pattern. He highlighted ETH’s recovery from $1,400 in April to a 100% rally, followed by a 25% pullback to retest support at $2,145.

Ether Wizz predicts ETH could rally to $3,000–$3,200 by the end of July and potentially reach $4,000 by the end of September. Currently, CoinMarketCap data shows ETH trading about 50% below its all-time high of $4,891 set in 2021.

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