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 (ETH) 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.

Tom Lee’s BitMine has also continued its buying spree in the past few months. The company has purchased 436,361 tokens over the past 30 days, representing 3.6% of the market capitalization. He hopes to own 5% of Ethereum and generate hundreds of millions of dollars in staking earnings annually.

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.

Ethereum price technical analysis

ETH price chart | Source: crypto.news

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.