Ethereum Whale Profits Turn Negative: Will Whale Pressure Trigger a Sell-Off for ETH Price?

The crypto market has been bleeding red over the past few weeks, with Bitcoin hovering below $70K. This has resulted in a strong selloff in the altcoin market, with the ETH price now trading around monthly support levels. Things have worsened recently, as crucial on-chain data now points toward a potential significant decline in the ETH price in the coming weeks. As a result, this could trap bulls and cap any short-term recoveries.

Unrealized Profit Ratio

ETH Price Chart

The next challenge for buyers is to push the price above the 100-day EMA at $2,100. If they can break through that level, ETH/USDT could gain momentum and move higher toward the 50-day SMA at $2,795.

On the other hand, if Ether fails to surge above the EMA100 trend line, it would suggest that sellers are gaining control. In that case, the price could slide toward the important support level at $1,750. Buyers are likely to strongly defend the $1,750 level, because if the price closes below it, ETH/USDT could decline further to around $1,500.

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