Ethereum Whales Sell $1.8 Billion worth of ETH as Price Fails to Recover:

Ethereum's price is struggling to recover, hovering around the $1,700 mark over the past few days. Despite attempts to climb higher, ETH has not been able to gain significant momentum.
The lack of progress in price movements caused large-scale sell-offs in Ethereum whales, which increased the bearish sentiment.
Ethereum Whales Move to Sell
Over the past three days, addresses holding between 100,000 and 1 million ETH have aggressively sold about 1.19 million ETH worth over $1.8 billion. The decision of these whales to offload a significant amount of Ethereum highlights the shift in market sentiment, as they likely aim to offset potential losses from the stalled recovery.
With Ethereum unable to gain momentum above the $1,700 mark, these large holders appear to be benefiting from current price levels, leading to a market decline. The sell-off of these whale addresses signals a lack of confidence in Ethereum's short-term price movement.
Ethereum's overall macro momentum looks weak, as indicated by a deeply negative difference in long/short MVRV of -29%. This indicator indicates that long-term owners are (LTHs) struggling to maintain profitability. STH typically sells quickly after making a profit, which increases volatility and bearish pressure on the price of Ethereum.
With STHs dominating gains, Ethereum is becoming increasingly prone to further declines. As more short-term investors sell off their holdings, it is likely that Ethereum will face downward pressure, especially if there are no significant catalysts to drive the price upwards.
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