Ethereum has seen a significant price increase in recent days, reaching almost $2,300 for the first time since early February. Despite this rally, large holders have been selling hundreds of millions of dollars worth of ETH, creating mixed signals in the market.
According to data from analyst Wise Crypto, big ETH holders sold 380,000 ETH worth about $800 million over the last seven days. This suggests that many sellers are treating short-term price spikes as opportunities to exit their positions, which could slow further upward movement.
The Market Value to Realized Value (MVRV) Long/Short Difference for ETH is very negative, indicating that long-term holders may be losing money while short-term traders are profiting. This can lead to selling pressure in the market, potentially causing ETH to drop below its support level of $1,917.
However, some analysts remain bullish on Ethereum's prospects. If ETH stays above resistance for a while, it could test levels close to $2,450. In addition, the futures markets show that short-term trading is still dominating the asset's market structure, which can lead to volatility in the market.