• BlackRock has been selling huge amounts of ETH, with transactions ranging from 4.14K to 10K ETH.
• Despite these large sales, Ethereum has surged over 10% in price in the past week, reaching $3,132.40.
• Ethereum is testing key resistance levels between $3,300-$3,400, with potential for a rally towards $3,700-$3,800.

BlackRock, one of the largest asset managers in the world, has been aggressively selling off ETH on a massive scale in recent weeks. Onchain data highlights a series of substantial Ethereum transactions from BlackRock’s account to Coinbase Prime Deposit, suggesting a strategic move to liquidate significant amounts of ETH. 

BlackRock’s Aggressive ETH Sales Raise Concerns 

According to a post on X by CryptoNobler, the last time transaction like that took place, the market crashed. A deeperr view of the post reveals that, er the past several days BlackRock has transferred notable amounts of Ethereum, with individual transactions ranging from 4.14K to 10K ETH. 

These trades occurred at varying times, with substantial sales made both in the last few days and weeks. For example, a recent 10K ETH transaction was valued at approximately $31.6 million, indicating that these actions could have a profound effect on market liquidity and Ethereum’s price volatility.

Ethereum Price Surges Over 10% in One Week

Despite the huge movements that have been taking place, ETH has defied the ability of a market crash to take place as the asset has been leaning on the positive side. According to CoinMarketCap data at the time of writing this article, ETH’s price has experienced notable movements in the past week. It started at approximately $2,839 and saw a steady increase, reaching $3,132.40 by the end of the week. 

The price trend shows a notable rise over the past few days, particularly from December 5th to December 8th, with a sharp upward spike. Ethereum’s market cap rose by 2.73% during this period. Volume also increased dramatically by 182.18%, reaching $28.04 billion over 24 hours. This growth in price and volume reflects a strong bullish trend for Ethereum. The price has remained above the $3,100 level, signaling continued positive momentum for the cryptocurrency market.

ETH Eyes $3,700-$3,800 as Whales Drive Price Higher

Other than a weekly bullish move, Ethereum hints at a potential continued uptick movement. According to an analysis by Ted, ETH has been trading within key support and resistance zones. The price has held above the $3,000 level, signaling a potential uptrend. Several whales have opened long positions in Ethereum, contributing to the price increase. Currently, Ethereum is testing the $3,300 to $3,400 resistance zone.

If it successfully breaks above this range, the price could rise towards the $3,700 to $3,800 area. On the other hand, failure to break above this resistance level may lead to a retest of the $3,000 support zone. The market has been following a clear upward trajectory, with recent movements showing an attempt to sustain momentum above the key $3,000 level. This behavior suggests that Ethereum’s market strength remains in a critical phase, with important price action developments expected near these resistance levels.