• A prominent Ethereum whale, reportedly linked to Nexo, has dumped $17 million worth of ETH on Binance, contributing to the ongoing sell-off trend.
• This adds to the $423.3 million worth of ETH Nexo-associated wallets have sold since early December.
• Ethereum continues to face resistance around the $4,000 mark, with its price dipping to $3,372 at press time.
• Other notable sellers include the Ethereum Foundation and Justin Sun, highlighting broader market challenges.

Ethereum is facing another round of turbulence as a massive whale, reportedly linked to Nexo, offloaded $17 million worth of ETH onto Binance. 

This latest move has left many in the crypto community wondering: what’s driving these sell-offs, and can Ethereum regain its footing?

What’s Happening with Ethereum?

In the early hours of December 26, a whale dumped 4,946 ETH (worth about $17.2 million) onto Binance. On-chain data reveals this isn’t a one-off event. In fact, since early December, wallets associated with Nexo have sold off a whopping 114,262 ETH, valued at an eye-popping $423.3 million, at an average price of $3,705.

https://x.com/rovercrc/status/1872238679453847866 

This isn’t the first time large Ethereum transactions have made waves. Earlier this month, a different whale transferred 22,740 ETH (approximately $77.7 million) to Binance. The funds were used to settle a debt of 49,910 ETH (worth about $170 million), and the whale subsequently withdrew $137.8 million in stablecoins.

Is This Panic Selling? Not Quite

While the scale of these transactions is massive, analysts suggest this isn’t panic selling. Instead, it seems to be part of a broader strategy by large holders to rebalance portfolios or secure profits.

https://x.com/unocrypto_com/status/1871194539215704178 

However, the timing couldn’t be worse for Ethereum. The cryptocurrency, which reached an annual high of $4,101, has been struggling to maintain momentum. With its price now hovering around $3,372, Ethereum’s bulls are fighting an uphill battle against mounting sell pressure.

The Bigger Picture: ETH and the $4K Struggle

Ethereum’s price woes are mirrored across the broader crypto market. After Bitcoin hit its all-time high of $108K on December 17, it faced a sharp correction, dragging Ethereum down with it. ETH has since dropped below $3,200 and is desperately trying to reclaim the $4,000 mark.

https://x.com/ChrisMcCrypto/status/1872242574221578571 

Adding to the pressure, prominent sellers like Nexo, the Ethereum Foundation, and even Justin Sun have joined the fray, contributing to the bearish sentiment.

Despite these challenges, Ethereum has shown resilience, staying above the critical $3,000 support level. At press time, ETH is trading at $3,372, down 3.22% in the last 24 hours, with a market cap of $406.6 billion.