$ETH Price Struggles, Whale Sell-Off Draws Attention
Ethereum's price is having a tough time breaking through the $3700 mark and looks like it might drop back down. Just then, some big whales—those big players holding large amounts of Ethereum—started selling off their Ethereum, causing even more turbulence in the market. Especially Ethereum co-founder Jeffrey Wilcke, who suddenly sold 20,000 Ethereum worth $72.5 million; this is big news!
Analysts are closely monitoring Ethereum's price trends. They found that for Ethereum to rise above $4000, it first needs to firmly stay above $3700. But right now, it seems like Ethereum isn't ready to do that.
Moreover, analysts also found that the pairing of Ethereum and Bitcoin has reached a critical point. If Bitcoin pulls back by 10%, Ethereum's price could drop to between $2700 and $2800. This may not be a major issue for long-term holders of Ethereum, but for those who enjoy short-term trading, this could be a buying opportunity worth paying attention to.
However, there is some good news: Ethereum's funding rate is on the rise. This means that more and more people are optimistic about Ethereum's future, believing it will continue to rise.
But don't forget that those big whales are still selling off. Besides Jeffrey Wilcke, another big player named Winslow Strong has also sold a large amount of Ethereum. Their selling actions undoubtedly put more pressure on the market.
Currently, Ethereum's price has dropped to $3570, and daily trading volume has also significantly decreased. It seems that Ethereum's price trend is still full of uncertainty. Investors need to be careful not to be scared off by these big whales' sell-offs, but they also need to stay vigilant and not blindly follow the trend.
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