Crypto leaders Bitcoin BTC and Ethereum ETH are facing selling pressure ahead due to crypto whales’ activities for booking profit. As noted by a crypto analyst, whales became active after Bitcoin (BTC) and Ethereum (ETH) surpassed $44,000 and $2300 respectively leading to the price drop in both digital assets.

Bitcoin price has been riding the wave of bullish momentum in the crypto market, largely propelled by anticipated Spot Bitcoin ETF approval from the SEC. Similarly, the Ethereum price surge was largely fueled by Bitcoin’s surge beyond the $43,000 mark. Both BTC and ETH hold a unique position in the crypto world due to their extensive developer community, widespread adoption, and their crucial role in decentralized finance (DeFi) and various blockchain applications.

Despite this positive momentum, concerns loom over the impact of whale-induced selling pressure on BTC and ETH’s prices. 

Analyst Ali Martinez highlighted how immediate profit-taking by whales occurred when Ethereum hit $ 2,300. ETH price dropped as low as $2,203 reflecting an Immediate effect of selling pressure. However, it has turned up to $2,240.02 showing hope toward its previous price momentum.  Bitcoin price also faced a steep drop touching the $41k level. BTC is showing a similar movement as ETH is showing.

This could potentially drive down ETH’s price in the upcoming weeks. In a bearish scenario, the cryptocurrency might test the $1,555 support level. Sustained selling pressure might even push ETH as low as $1,460 within the next two months, according to the analyst’s predictions.

In the case of Bitcoin, it could not test the $45,000 resistance. A 4.37% price drop in 24 hours signals substantial selling pressure on BTC. Currently, BTC is trading at $42,183.61 attempting to surpass the $42,400 resistance level. If it successfully breaches another resistance level of $43,200, there is potential for a bullish momentum pushback to $44,000 once again.

Nevertheless, the general market sentiment remains cautiously optimistic, leaving room for potential further growth in both Bitcoin and Ethereum prices.

In the case of generating network fees, the gap between Bitcoin BTC and Ethereum ETH didn’t matter if we see the past 7 days’ network fees of these giants. Bitcoin earned $61 million (with a market capitalization of $857 billion) whereas Ethereum earned $61.5 million (with a market capitalization of $282 billion).  

Apart from institutional interest, the anticipation of SEC approval for an ETF has contributed to the price surge. However, despite this positive momentum, there are lingering concerns that hightened selling pressure could impact the prices of both Bitcoin BTC and  Ethereum ETH prices in the coming days.