Unrealized profits of wallets that store between 10,000 and 100,000 ETH have grown to levels last seen in November 2021 — at the peak of the previous bull cycle. This was brought to the attention of analysts at the CryptoQuant platform.
They noted that a significant increase in the unrealized gains of “average” Ethereum whales is traditionally a marker of increased risk of profit taking.
“Historically, such levels of unrealized gains have often been accompanied by increased selling pressure or profit taking activity as large holders seek to lock in gains,” the report said.
Analysts emphasized that this does not necessarily mean an immediate correction. According to them, the situation resembles a critical stage in the cycle, when investor psychology and whale behavior can significantly affect the price dynamics.
Crypto analyst and Bybit partner Lennaert Snyder (Lennaert Snyder) noted a slight rise in the asset after the Federal Reserve’s decision to cut the interest rate by 0.25%. According to him, Ethereum tested a key resistance level at $4630, and overcoming it could trigger bullish momentum to around $4800
Note, at the time of writing, Ethereum is trading near the $4600 mark:
