- Large owners Ethereum with a balance of more than 100,000 ETH, they entered the positive territory, which can be considered the beginning of the bullish rally.
- Technical analysis indicates a further decline in the altcoin’s price.
The Richest Cryptocurrency Whales Ethereum are back in profit. What does this mean for ETH?
Judging by schedule, published by employees of the research company CryptoQuant, owners of crypto wallets that store over 100,000 ETH worth $211,6 million current exchange rate, began counting unrealized losses for the first time since 2020, when the coin’s price fell below $2,000 in February. However, thanks to the asset’s recent consolidation above that value, they returned to profit.
Whale profit and loss ratio (pink chart)
An analyst who goes by the pseudonym CW considers this a bullish signal and believes the upward trend will continue. In this case, he draws an analogy with 2020 and 2019, when эфириум rose in price after the positions of the fat cats again turned out to be profitable.
Loss zones for big whales usually mark bottoms. When they count their profits again, it marks the starting point of a bullish trend, CW wrote.
However, it’s not worth betting on a reversal just yet. The fact is that the RSI began to decline after approaching the overbought zone. A similar situation was observed in January of this year before the dump. Drawing an analogy between these trends, one can assume that the cryptocurrency’s price will immediately fall or continue to decline after another upward momentum.
RSI index fluctuations on the daily chart
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