ETH whale has strategically sold 15K altcoins into an exchange. If bulls follow THIS strategy, a chance at a breakout might follow.
ETH whales are moving away from the altcoin, but THIS could create an opportunity for bulls to mount a rescue.surged over 14% this past week, priced at $2,641, with the next target at $2,769. Meanwhile, Bitcoin bulls were working to maintain a position above $62K.
However, recent activity from a “diamond hand” ETH whale, who transferred 15K ETH to a major exchange, has sparked concern among investors.Looking at the chart below, the whale cohort holding between 100 and 1K ETH has consistently declined since peaking in early 2021, while the rest have shown confidence in future gains.Interestingly, this whale was considered a “diamond hand” – a term that describes investors who HODL their coins for extended periods without plans to sell.
Typically, in this situation, most investors attempt to retreat to breakeven – a strategy this whale seems to have followed as well.Currently, ETH bulls are tasked with defending the $2.6K support against the selling pressure. As noted earlier, a bearish pullback may ensue if this level is retested. Before a similar trend could emerge, coinciding with BTC consolidating below $64K, the whale closed its position to breakeven.
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