Ethereum price remains above $3,500, but large investors are selling ETH more. The rise in funding rates is fueling market optimism, with investors keeping a close eye on whether Ethereum will continue to push toward $4,000.
Ethereum is currently trading at $3,624 and while it has strong support above the $3,500 level, whales are selling heavily on exchanges, raising concerns about profitability before the price continues to rise. Ethereum co-founder Jeffrey Wilcke has put 20,000 ETH up for sale for a total of $72.5 million.
Ethereum’s Rise to $4,000 Faces Challenges
Crypto analyst Rekt Capital has assessed ETH’s efforts to break out of the critical resistance level at $3,700. According to the analyst, Ethereum needs to make a strong weekly close to break through this level. However, Rekt Capital noted that Ethereum is not yet ready to breakout, describing the recent price action as “a perfect rejection by resistance.”
Ethereum analyst CrediBULL Crypto has highlighted a key resistance level in the ETH/BTC pair. With the recent upward momentum, the pair is approaching its first “trouble area,” with the analyst noting that rejection at this level is likely and that the Ethereum price could enter a significant buy zone, pulling back towards the $2,700-$2,800 range.
The increase in ETH funding rates in recent weeks indicates growing optimism among investors that Ethereum’s price action will continue upwards. This increase indicates increasing confidence in Ethereum and optimism among traders.
Ethereum co-founder Jeffrey Wilcke sold a total of 44,300 ETH for around $148 million since the beginning of the year. Additionally, Qualia Research Institute director Winslow Strong transferred 9,380 ETH to Coinbase two hours ago.
ETH is currently trading at $3,570, with daily trading volumes falling below $30 billion. According to Coinglass data, 24-hour liquidation has risen to $32 million.
These developments in the Ethereum market are causing investors to follow whale movements and market dynamics carefully. While increasing whale sales may lead to short-term price fluctuations, it is eagerly awaited how long-term trends will shape.