"Ethereum Whales Spark Panic Selling as ETH Drops Below $2,300"

Ethereum whales have been engaged in panic selling, as indicated by on-chain data, following the failure of ETH to maintain crucial support levels. The price of ETH has dropped by another 7% today, slipping below $2,300. As market sentiment weakens, whales have offloaded millions of dollars worth of ETH during the past week.

Notable transactions include a wallet, 0xc725…839d, selling 8,074 ETH worth approximately $19.63 million at an average price of $2,431 just 12 hours ago. Another wallet, 0x07Fe…A26D, has deposited 10,000 ETH valued at $23.44 million to Binance over the last two days, signaling potential preparation for further sales, as reported by LookonChain.

Crypto analyst Ali Martinez has also highlighted the scale of the sell-off, noting that whales have collectively sold over 440,000 ETH in the past week. This trend suggests a rising wave of panic selling among large holders as market uncertainty persists.

The recent turbulence in Ether (ETH) is also the outcome of a Bybit exchange hack over the past weekend. However, the exchange was quick enough to acquire 100% of Ethereum lost during the hack, within just 48-72 hours of the incident.

On the other hand, outflows from spot Ether ETFs have also been on the rise recently. On Wednesday, the total outflows from Ether ETFs stood at $94.3 million with BlackRock’s ETHA contributing the most at $68.4 million as per data from Farside Investors.

Market analysts have mixed opinions on Ethereum price action recently. Some market analysts believe that now is not the time to sell ETH after more than 14% drop on the weekly chart and 26% on the monthly chart.

Popular crypto analyst IncomeSharks reported that ETH is currently at the bottom of its range and within the accumulation zone. According to the analyst, this is a good time to add ETH before it resumes its journey to the upper end of the range at $4,000.

However, crypto analyst Justin Bennett has issued