Is Ethereum in more Trouble? Whales Dumped 880,000 ETH Tokens This Month

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For quite some time now, Ether, along with the rest of the cryptocurrency market, has been going through a difficult period. According to data obtained from Santiment, Ethereum whales have already sold 880,000 ETH tokens during the month of December 2022, making Ether’s current situation an even more worrying one.

Only 16.02% of the entire supply of Ethereum is said to be liquid across all centralized exchanges at the moment, according to Glassnode. When whales want to keep their assets for a significant amount of time, they will often transmit bitcoin from exchanges.

Keeping a substantial quantity of money on an exchange, which is the most sought-after target for thieves attempting to steal cryptocurrencies, exposes you to an increased chance of having your money stolen.

Ethereum: 2022 price performance

In 2022, Ethereum made significant progress toward its goal of developing a global computer and a decentralized financial system by checking off numerous items on its checklist.

One of the most notable developments was the completion of the significant transition to a new, more environmentally friendly technology for powering its network.

However, the year was also marked by challenges, including concerns about censorship and record-breaking attacks on Ethereum-related infrastructure. Both of these issues played a significant role in the narrative of the year.

While Ethereum’s core code itself has never been the target of an attack, most of the major DeFi thefts that occurred during the past year caused chaos for users of Ethereum’s DeFi ecosystem.

ETH Price Analysis

In terms of Ethereum’s price, the token is presently valued at $1,193, a considerable decrease from its all-time high of $4,800 reached in November 2021.

The bears are defending the $1,223 level with force, as the bulls have been unable to push Ethereum over the 20-day exponential moving average (EMA). This may have caused the bulls to give up and retreat.

At this point, the token may drop to $1,182. If this support breaks, it might fall to the next solid support level at $1,150. If the ETH price successfully recovers from there, it might indicate that the cryptocurrency will stabilize for a few days in the $1,150 to $1,352 range.

Alternatively, a bearish pattern will emerge and push the toke further down below $1,000.