In December 2022, cryptocurrency whales actively got rid of Ethereum (ETH) and sold coins worth about $ 1 billion.

A well-known analyst Ali Martinez reported that from December 1 to December 28, the fat cats withdrew about 880,000 ETH from their wallets.

The company Santiment, which recorded these transactions, refers to crypto deposits of people who own from 10,000 to 100,000 ETH worth from $ 11.9 million to $ 119 million at the current exchange rate.

Change in the Ethereum exchange rate (black line) and the amount of ETH in crypto wallets (yellow)

The chart published by Martinez shows that the cryptocurrency reserves of the rich dried up simultaneously with the fall in the price of Ethereum. In this regard, it can be assumed that they were selling coins on exchanges.

In December, the ETH rate fell by almost 9% and yesterday it again consolidated under the $ 1200 support level, which began to act as a resistance.

Due to the pressure that fat cats exert on the market, the ETH rate should decrease to at least $ 1,180 (61.8% of the Fibonacci level, taking into account the pump from $ 1,074 to $ 1,352).

If the bears break through this barrier, the price may fall to $1,133 (78.6% of the Fibonacci level). Otherwise, the Ethereum exchange rate will be adjusted to $ 1200.