Large Ethereum holders are getting rid of assets amid a falling rate

The Ethereum rate continues to fall, which is causing active sell-offs among large investors. On the evening of February 13, the altcoin cost $2,600, which is 35% lower than its December maximum.

One of the factors putting pressure on the price was the outflow of capital from ETH spot funds - over the past 24 hours, investors withdrew $40.95 million. The dynamics are also affected by a decrease in network revenue. According to TokenTerminal, since the beginning of the year, the Ethereum blockchain has earned $179 million in fees, losing to Solana and Tron.

Signs of large-scale sell-offs are also confirmed by blockchain analysts. Thus, the Lookonchain service recorded a large transaction - one of the "whales" sent 20,000 ETH, equivalent to $52.8 million, to the Kraken exchange. Earlier, the same address sold a similar amount in January. Despite this, he still has $134 million worth of cryptocurrency on his balance.

Technical analysis also points to a possible continuation of the decline. On the daily chart of Ethereum, a "death cross" has formed - a situation in which the 50-day and 200-day exponential moving averages intersect, which is considered a strong bearish signal. The last time such a pattern appeared was in August last year, and then the rate fell by more than 20%.

However, there is an alternative scenario. If Ethereum manages to consolidate above the 200-day moving average, which is at $3,090, this could weaken the bearish sentiment and open the way to recovery.