Crypto whales have been distributing their massive Ethereum (ETH) stacks for the better part of the year, according to an analyst.

Analyst Ali Martinez tells his 31,000 followers on the social media platform X that deep-pocketed Ethereum holders have been using price rallies throughout the year to unload millions of ETH.

The crypto analyst highlights that so far, there are no signs indicating that Ethereum whales will change their behavior anytime soon.

“Since February 2023, Ethereum whales have capitalized on surging prices, offloading or redistributing over 5 million ETH – equivalent to roughly $8.5 billion.

Notably, this selling trend continues with no current indication of a shift towards ETH accumulation yet.” 

Martinez is also looking at the cluster addresses that bought Ethereum above $1,528. According to the analyst, 1.58 million addresses bought 1.92 million ETH between $1,528 and $1,571, indicating that a move below the lower bounds of the price range may signal a deep corrective move for Ethereum.

“Ethereum is hovering above a critical demand zone. Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for ETH.” 

At time of writing, ETH is trading for $1,568.

As for Bitcoin (BTC), Martinez thinks that the crypto king is headed to lower levels after breaking down from a symmetrical triangle pattern on the two-hour chart.

“Given the triangle’s y-axis height, we might anticipate a 5% correction in BTC, potentially heading to $26,200.” 

At time of writing, BTC is trading for $27,472.

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