Since July 16th, Ethereum (ETH) has faced significant difficulty breaking through the $3,500 resistance level.

This challenge is partly due to the 3.13 million addresses that acquired ETH at an average price of $3,547.

Many of these addresses are currently holding their ETH at a loss, which contributes to increased selling pressure and complicates ETH’s efforts to surpass this crucial price point.

Adding to the market’s intrigue, two major whales have recently made substantial deposits of ETH into centralized exchanges (CEX) in the nine days leading up to Ethereum’s anticipated ETF launch. These moves highlight significant shifts in market dynamics as the ETF launch approaches.

Notable Whales Makes Massive Ethereum Transfers 

The first whale, identified as 0xbec, transferred 11,965 ETH to Binance over the past five days at an average price of approximately $3,457, totaling around $41.4 million. This whale’s most recent action was 12 hours ago, and they currently hold 51,462 ETH, valued at roughly $180 million, with an estimated profit of $29.9 million, reflecting a 14.7% gain.

The second whale, operating under the multisignature address 0x7d6, deposited 13,900 ETH into OKX in the last nine days, with an average price of about $3,427, equating to $47.6 million. This whale’s most recent transaction was 11 hours ago, and they hold a substantial 188,070 ETH, worth $657 million, spread across two wallets.

These significant movements by whales could impact market sentiment and contribute to the ongoing struggle for ETH to break through the $3,500 resistance. As the ETF launch draws near, these developments will be closely watched by investors and analysts alike.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: niphonsubsri/123RF // Image Effects by Colorcinch