Ether’s (ETH) price is showing resilience, pushing toward $3,700 even after a major whale investor began offloading large amounts of ETH after eight years of dormancy. Analysts suggest an emerging bullish pattern could propel the cryptocurrency to new highs.
Dormant Whale Sells Over $1.3 Billion in ETH
An early investor, often referred to as a “whale,” has sold over $224 million worth of ETH since reactivating their wallet on Nov. 7. This investor had initially purchased 398,889 ETH for an average price of $6 each—now worth approximately $1.34 billion. Despite this significant sell-off, the whale still holds 325,533 ETH, valued at over $1.1 billion, according to data from on-chain analytics firm Lookonchain.
Price Growth Amid Selling Pressure
Ether’s price has shown notable strength despite the heavy selling pressure, rising by more than 7.5% over the past week. As of Nov. 22, ETH was trading above $3,369, indicating positive momentum in the market.
Bullish Outlook Tied to Bitcoin’s Rally
The optimism around Ether is partly fueled by Bitcoin’s (BTC) impressive rally, which saw it surpass $99,000 and achieve the largest monthly gain in cryptocurrency history, up over 40% in November. Ether’s historical correlation with Bitcoin is encouraging investors to anticipate a breakout that could see ETH reclaim its previous all-time high.
Summary Review: Despite a whale offloading over $224 million worth of Ether, the cryptocurrency’s price has continued to rise, signaling strong market confidence. Analysts suggest that a bullish pattern may lead Ether to surpass $3,700, with further potential for gains if Bitcoin’s rally sustains its momentum. This resilience demonstrates Ether’s enduring appeal and the broader strength of the cryptocurrency market.
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