Ethereum (ETH) has been experiencing a period of stagnation over the past three weeks, with prices trading within a parallel channel between $2.4k and $2.7k. This lack of movement has led to increased impatience among holders, resulting in a rise in selling activity, particularly among long-term whales.
According to on-chain analyst @ai_9684xtpa, two dormant whales have recently started offloading their ETH holdings. One whale deposited 959.69 ETH worth $2.54 million to OKX, while the other sold 587 ETH worth $1.56 million through Kraken. This selling spree is part of a broader trend, with Ethereum whales collectively selling 684.1k ETH tokens over the past day.
The large holders’ netflow has dipped to -83.5k, indicating that whales have been selling more than buying. This lack of confidence from large holders is further emphasized by the negative Taker’s buy-sell ratio, suggesting that sellers are dominating the market.
The exchange supply ratio has also surged to a weekly high, reflecting increased selling activity and the potential for further sell pressure. Oversupply could lead to lower prices if demand decreases.
As a result of the rising selling activity, Ethereum’s price has dropped by 3.95% over the past 24 hours. If the current selling pressure continues, ETH could potentially break below the consolidation range and drop to $2324. However, if the market can absorb the sell-side pressure, Ethereum may continue to trade within the $2.4k to $2.7k range. A breakout from this zone would require a decrease in selling activity.
Overall, the negative impact of the selling activity on Ethereum’s price movement underscores the need for a shift in market sentiment to support a potential price recovery. The Rise of Sustainable Fashion: A New Trend in the Fashion Industry
The fashion industry has long been criticized for its environmental impact and unethical labor practices. However, in recent years, there has been a shift towards more sustainable and ethical practices in the industry. This shift has been driven by consumer demand for more environmentally friendly and socially responsible products, as well as by a growing awareness of the negative effects of fast fashion on the planet and its people.
One of the key drivers of this shift towards sustainability in the fashion industry has been the rise of sustainable fashion brands. These brands are committed to producing clothing and accessories in a way that minimizes their environmental impact and ensures fair labor practices throughout the supply chain. They use eco-friendly materials, such as organic cotton, hemp, and recycled polyester, and employ ethical manufacturing processes, such as paying fair wages and providing safe working conditions for their workers.
In addition to sustainable fashion brands, many mainstream fashion companies are also making efforts to become more sustainable. Some are implementing recycling programs to reduce waste, while others are investing in renewable energy sources to power their operations. Many brands are also working to improve transparency in their supply chains, so that consumers can make more informed choices about the products they buy.
Another important trend in sustainable fashion is the rise of circular fashion. Circular fashion is a concept that aims to create a closed-loop system in which clothing and accessories are designed to be recycled or upcycled at the end of their life cycle. This helps to reduce the amount of clothing that ends up in landfills and minimizes the need for new resources to be used in the production of new garments.
Fashion rental and resale platforms have also been gaining popularity as a more sustainable alternative to traditional retail. These platforms allow consumers to rent or buy second-hand clothing and accessories, reducing the demand for new products and extending the life cycle of existing ones.
Overall, the rise of sustainable fashion represents a positive shift in the industry towards more responsible and environmentally friendly practices. By supporting sustainable fashion brands and making more conscious choices about the clothes we buy, we can all play a role in creating a more sustainable future for the fashion industry and the planet.