Ethereum (ETH) whales have started panic selling due to losing key support levels. Consequently, the Ethereum price has dropped another 5% today, reaching below $2400. Recently, whales have been selling a significant amount of Ethereum. For example, in the past 12 hours, a wallet sold 8074 ETH worth approximately $19.63 million at an average price of $2431. Another wallet transferred 10,000 ETH worth $23.44 million to the Binance exchange, indicating a possibility of more selling. Analyst Ali Martinez reported that whales have sold over 440,000 ETH in the past week, reflecting increasing fear among large Ethereum holders. Meanwhile, the recent hack of Bybit exchange has intensified selling pressure. However, the exchange managed to replace all lost Ethereum within 48 to 72 hours. Capital outflows from Ethereum spot ETFs are increasing. On Thursday, the total outflow from these ETFs reached $94.3 million, with BlackRock holding the highest share at $68.4 million. In the current conditions, analysts have different opinions on Ethereum price trends. Some believe that with a 14% drop in the past week and a 26% drop in the last month, now is not the right time to sell. Renowned analyst IncomeSharks believes Ethereum is currently at its support range and accumulation zone, with a potential price increase to $4000. On the other hand, Justin Bennett has a bearish view, warning that if the current trend continues, Ethereum price could drop to $1000.
