Along with Bitcoin, the world’s second-largest cryptocurrency Ethereum (ETH) has come under severe selling pressure after the collapse of the crypto exchange FTX. The ETH price has lost under $1,200 as investor confidence wanes.
This month of December 2022 was even more concerning as Ethereum whales sold close to 1 million ETH coins so far. Citing data from Santiment, popular crypto analyst Ali Martinez writes:
Ethereum whales holding between 10,000 and 100,000 $ETH have sold or redistributed around 880,000 #ETH since December 2022.
As of press time, ETH is trading 0.3% down at a price of $1,194 and a market cap of $146 billion. The ETH price has very strong support at $1,175 levels wherein 1.24 million addresses hold a total of 2.27 million ETH.
In comparison to the support on the downside, the resistance at $1,227 is much more significant since 4 million addresses have purchased a total of 15 million ETH at these levels.
While several altcoins have delivered strong returns even post-FTX collapse, Ethereum has refused to join the party. Instead, it has largely been following the price action of Bitcoin and continues to be under selling pressure.
Currently, there’s no clear catalyst for the ETH price to change course but investors are optimistic going into 2023.
Unlike Ethereum, Other Altcoins Take the Lead
Although the Ethereum price action hasn’t been exciting, there are a few altcoins making strong moves this month. One such altcoin is Litecoin (LTC) which has been on investors’ radar and is seeing strong whale participation. Along with Litecoin, Binance’s native tokens BNB and BUSD have seen a major spike in large-value transactions. On-chain data provider Santiment reported:
“Litecoin whale transactions have been much higher than normal in the second half of December. Additionally, #Binance‘s native tokens $BNB and $BUSD are both seeing high spikes in $1M+ valued transactions of their own”.
Terra Classic (LUNC) was also among the top-performing altcoins over the last week. However, it entered a sharp correction after crypto exchange Binance suspended the LUNC burn program.