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The Ethereum (ETH) market remains uncertain as large investors continue transferring significant amounts of ETH to exchanges. Recently, a whale moved 20,000 ETH worth $52.84 million to Kraken, increasing selling pressure and causing a 1.10% price decline alongside a 10% drop in trading volume.
Major Ethereum Whale Triggers Selling Pressure
On February 14, 2025, blockchain tracker Lookonchain reported a major transaction where a whale transferred 20,000 ETH to Kraken. Despite this sale, the whale still holds 50,874 ETH valued at $134.80 million. This is not the first instance of significant selling activity—on January 16, 2025, the same entity moved another 20,000 ETH worth $67.60 million to Kraken.
Large ETH transfers to exchanges often result in increased market pressure, leading to potential price declines as supply outpaces demand.
Ethereum Price Reaction and Market Sentiment
Following the recent sale, ETH price fell 1.10% over the past 24 hours, trading at $2,655. Investor confidence appears shaken, with trading volume decreasing by 10%, according to CoinMarketCap data.
On-chain analytics firm Coinglass reveals that traders are positioning for further downside. There is $510 million in leveraged short positions at the $2,700 resistance level, while long traders hold $109 million in open positions around $2,615.
With whale activity, increased short positions, and declining trading volume, Ethereum faces significant resistance. The short-term market outlook remains volatile, with price movements likely dictated by key support and resistance levels.
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