Ether's price continues to climb despite significant selling pressure from whales unloading over $1.3 billion in holdings. Investors anticipate a rally toward the $3,700 resistance level, buoyed by Bitcoin's surge past $99,000, signaling bullish momentum in the cryptocurrency market.

Ether Poised for Breakout Amid Market Turmoil

A number of prominent market analysts are of the opinion that Ether is about to see a price breakout, even if early investors have sold off millions of dollars' worth of their holdings.

After a hiatus of more than eight years, a whale—a big investor—has resumed selling Ether.

Lookonchain, an onchain intelligence service, said on November 22 that the whale began selling his $1.34 billion worth of Ether, which was acquired at an average cost of $6, shortly after Donald Trump's victory.

According to data compiled by Cointelegraph, at 10:09 am UTC, the price of Ether was trading above $3,369, up 7.5% from the previous week, despite selling pressure.

Bitcoin’s Surge Fuels Ether Optimism

The strong correlation between Ether and Bitcoin has led many investors to believe that Ether will follow Bitcoin's climb to its all-time high. Bitcoin rose 40% in November, printing the strongest monthly candle in crypto history, and it crossed $99,000 on November 22.

Not only is the $1.3 billion whale driving down the price of Ether, but there are other investors doing the same.

Interchain, the creator of Cosmos, was an early backer of Ethereum's 2017 ICO and is now selling ETH as well.

In an X post, anonymous blockchain analyst EmberCN stated that on November 22nd, the Interchain wallet sold 3,000 ETH for more than $10.1 million. This brings the total quantity of Ether sold since April 2024 to over 21,600, with an average price of $2,591. The total value of Ether sold is more than $95 million.

According to statistics from Arkham Intelligence, the address labeled Cosmos Network still has more than 17,000 Ether, which is worth $57 million.

Whales and Their Influence on Market Trends

When large-scale investors known as "whales" sell a significant portion of their cryptocurrency holdings on the market, it can have a significant impact on the price of the underlying asset.

The selling pressure isn't stopping Ether from preparing for a breakout, which might take it back to the $3,700 mark. wrote anonymously on November 21st, in an X post:

“Ethereum is currently breaking out from its short-term Bull Flag. Confirmed breakout would see ETH revisit the ~$3700 resistance above.”

Bull flags are a bullish chart pattern that cryptocurrency traders use to anticipate price rallies.