Moneybags got rid of $1 billion worth of Ethereum in December – Cryptonium News

Moneybags got rid of $1 billion worth of Ethereum in December

In December 2022, cryptocurrency whales actively decommissioned Ethereum (ETH), selling about $1 billion worth of coins.

Prominent analyst Ari Martinez reported that from December 1 through December 28, bigwigs withdrew approximately 880, 000 ETH from their wallets.

Santiment, who recorded these transactions, classified those who owned between 10, 000 and 100, 000 ETH as crypto kits, equivalent to $11.9 million to $119 million at current exchange rates.

Changes in the exchange rate of Ethereum (black line) and the amount of ETH (yellow) in cryptokit wallets
The chart published by Martinez shows that the virtual currency held by wealthy people has been depleted at the same time that the price of Ethereum has fallen. Therefore, we can assume that they were selling their coins on exchanges.

ETH fell nearly 9% in December and yesterday fell below the US$1200 support level and began to act as resistance.

Big money pressure on the market should push ETH down to at least $1180 (the 61.8% Fibonacci level that plunged from $1074 to $1352).

If the bearish group breaks through this barrier, prices could fall to $1133 (78.6% Fibonacci level). Otherwise, Ethereum will adjust toward US$1200.

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