Ethereum rose by 6%, but the "whales" started to massively sell off altcoins.

Ethereum is actively recovering after falling to $2,850 last week. On October 2, the altcoin rose by more than 6% to $4,863. According to market data, the daily trading volume of ETH increased by 45% and currently stands at $52.48 billion. However, large holders are starting to take profits as the digital asset approaches a key resistance level.
According to cryptocurrency analyst Ali Martynets, the level at $4505 remains a key level that could determine the short-term direction of Ethereum's movement. He shared a chart of price distribution from Glassnode, which shows a high concentration of addresses selling ETH in this range. Data from Lookonchain confirms that some "whales" are reducing their investments in anticipation of this resistance. Thus, on October 1, the company Trend Research transferred 24,051 ETH worth $104.3 million to the exchange Bi..nce. Approximately at the same time, another large wallet withdrew 20,830 ETH worth $98.3 million through Wintermute. On October 2, a "whale" sent 4,000 ETH worth $17.3 million to Kr..en. The current caution of large investors indicates a potential short-term pullback before the next stage of growth. To confirm the bullish momentum, Ethereum needs to close above the mark of $4,500. However, analysts maintain optimism and call ETH one of the best cryptocurrencies to buy right now. Market strategist Kac Abbe noted that by the end of 2024, the cryptocurrency is forming a Wyckoff accumulation pattern. According to him, it is currently at the final stage, which usually leads to a parabolic rise.