Despite millions of dollars in selling pressure from early investors, some popular industry analysts think the Ether market is poised for a price explosion.

A whale, aka a major investor, started selling Ether after being inactive for eight years.

According to an

“A whale that had accumulated 398,889 $ETH (currently worth $1.34 billion) started selling $ETH again… After being dormant for over 8 years, the whale became active again on November 7th and started selling $ETH. So far “73,356 $ETH ($224.42 million) has been sold by now, leaving 325,533 $ETH ($1.1 billion worth).”

Despite the selling pressure, Ether price has increased by more than 7.5% in the past week and reached over $3,369 as of 10:09 UTC on November 22. More investors are expecting Ether to experience a rebound towards its previous all-time high due to its correlation with Bitcoin.

Bitcoin (BTC) surged more than 40% in November, surpassing $99,000 on November 22, writing the largest monthly candle in crypto history. Ether is heading towards the $3,700 resistance despite ICO wallet and whale selling pressure.

The $1.3 billion whale is not the only investor putting significant selling pressure on the Ether price.

Cosmos developer Interchain, which was an early participant in Ethereum’s initial coin offering (ICO) in 2017, also began selling ETH.

The wallet associated with blockchain analyst Interchain, known by the pseudonym EmberCN, sold 3,000 ETH worth $10.1 million on November 22, and has sold 21,600 ETH since April 2024, worth more than $95 million, at an average price of $2,591 , he says in a post on X. The address labeled Cosmos Network is shown to still hold more than 17,000 Ether worth $57 million, according to Arkham Intelligence data.

Whales with large asset holdings can have a dramatic impact on the price of the underlying cryptocurrency, especially if they decide to sell a large amount of assets in the market.

Despite the selling pressure, Ether is currently poised to retest the $3,700 resistance point, pseudonymous analyst Rekt Capital wrote in an X post on November 21:

“Ethereum is currently breaking out of a short-term Bull Flag. A confirmed breakout could push ETH back towards resistance around $3,700.” Cryptocurrency traders use bull flags as a bullish chart pattern to predict price rallies.