3 Warning Signs Stack Up Against Ethereum as Big Holders Sell

Ethereum (ETH) enters mid-October on the back foot, down 4.45% over the past week to $2,503.76 on BeInCrypto Markets. Now, the second-largest cryptocurrency is flashing three bearish signals.

The bearish signals cover where Ethereum are sitting, who is moving them, and how much US buyers are willing to pay. Together, they suggest that sellers are gaining ground on buyers.

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Whales Head for the Exit as Exchange Supply Builds

CryptoQuant data shows exchange reserves have climbed from about 14.59 million ETH in late September to 14.93 million on October 14. Rising reserves mean more coins sit on platforms where holders can sell them quickly.

At the same time, whales continue to offload their holdings. According to Lookonchain, an over-the-counter (OTC) whale, wallet 0x8c58, sold 9,996 ETH, worth about $25 million.

The whale had bought 52,001 ETH at an average of $2,162 and sold at $2,632, booking roughly $24.48 million in profit.

Separately, Patricio Worthalter, founder of the Proof of Attendance Protocol (POAP), deposited 10,000 ETH worth about $25.05 million into Gemini. He had already sent 4,000 ETH worth about $10.02 million to the exchange on October 11.