Ethereum price drops as whale buys tokens worth $1.67 billion
Ethereum price slipped for the second consecutive day as sentiment in the crypto market waned and as Arthur Hayes continued his selling spree.
- Ethereum price has crashed into a bear market in the past few months.
- Arthur Hayes continued his selling spree today.
- Separately, a major whale has bought tokens worth $1.67 billion recently.
Ethereum 
eth0.34%Ethereum token declined to a low of $2,900, much lower than the year-to-date high of $4,960. This drop has coincided with the broader industry’s performance.
ETH token retreated as Arthur Hayes, the founder of BitMex, continued his selling spree. He moved 682 tokens valued at nearly $2 million today.
Arkham data shows that he has sold ETH tokens worth over $5 million this month. He has then boosted his stake in Pendle, Ethena, and Ether Fi. Most importantly, he still holds Ethereum tokens worth over $22 million.
Still, some investors are accumulating the coin, hoping that it will rebound soon. One whale bought tokens worth $136.49 million today, bringing his total purchases since Nov. 4 to $1.67 billion.
In his statements, Lee has highlighted Ethereum’s role in the crypto industry, where it has become the largest chain. It has gained a commanding market share in industries like decentralized finance, real-world asset tokenization, and stablecoins.
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Ethereum price technical analysis
The daily chart indicates that the Ethereum price has declined over the past few months. It has moved from the year-to-date high of $4,960 to the current $2,915.
The coin’s sell-off is being supported by the 50-day and 200 moving averages, which formed a bearish crossover in November. It has also formed a bearish flag pattern.
Therefore, the most likely Ethereum price prediction is bearish, with the first target being at $2,622. A drop below that level will indicate further downside, potentially to the psychological level at $2,000.
