[Four Ethereum whales sell $106 million worth of ETH, will ETH price fall below $3,000 soon? 】
Bitcoin and the broader cryptocurrency market have come under significant selling pressure, with more than $900 million in liquidations occurring in the past 24 hours. Ethereum (ETH) fell 8% to as low as $3,250.
According to Lookonchain data, four important whales or institutions recently unloaded a total of 31,683 ETH, worth approximately $106 million, significantly increasing the selling pressure. Cumberland deposited 17,206 ETH worth $573,000 into major exchanges; wallet 0xC3f8 transferred 7,976 ETH to Binance; 0x1717 deposited 4,000 ETH; and Alameda/FTX deposited 2,500 ETH. These moves show significant action from institutional investors and whales amid market volatility.
Additionally, an unknown wallet transferred $158 million worth of ETH to Binance, raising the risk of further selling in the open market.
Crypto analyst Fred Krueger has expressed concerns about the Ethereum ecosystem, pointing out that multiple challenges are eroding ETH’s narrative. He mentioned investigations involving the Ethereum Foundation, the Wells Notice received by UniSwap, the lack of Ethereum exchange-traded funds (ETFs), the movement of non-fungible tokens (NFTs) to Ordinals, and Solana as an emerging competitor. threaten. These factors may damage Ethereum’s competitive position in the blockchain ecosystem.
Krueger also commented on the declining appeal of the “ultrasonic currency” narrative, suggesting that market sentiment and the narrative surrounding the platform are changing. He warned that if the selling pressure continues, ETH price could fall below the $3,000 mark.
