Over the past 24 hours, traders have dumped $2.5 billion worth of Ethereum, causing the coin's price to plummet.
Ethereum prices plummeted on Monday night, falling 12% by midnight to their lowest since late November at $3,491. The dump was caused by a sudden surge in the number of assets being sold as traders took profits.
One of the crypto whales who recently got rid of Ethereum was the founder of the Tron blockchain project, Justin Sun. On December 8, he sold 29,920 ETH for $119.7 million, when the coin’s price exceeded $4,000. Since the beginning of the year, Sun has parted with 392,474 ETH at an average rate of $3,027 and received almost $1.2 billion for the coins.
Today, the Ethereum price has exceeded the 23.6% Fibonacci level, taking into account the increase in the asset’s value from $2,364 to $4,095 during the Trump pump. It can be assumed that the bearish trend is over, and the altcoin will rise in price again. However, judging by the low demand for ETH, the upward movement will be slow, and traders should not count on sharp price jumps.
Ethereum Price Trajectory Likely
The upward trend is also supported by the statistics of the Ethereum-based derivatives market. Last week, a record was set for the volume of capital inflow into ETH-ETF, reaching $836.8 million. Thanks to this, the capitalization of Ethereum-based funds exceeded the $1.4 billion mark.
