The cryptocurrency market has recently been spectacular, especially the price fluctuations of Ethereum (ETH), which have quickened many heartbeats. Have you heard? The price of Ethereum suddenly fell below the $3,200 mark, and this news quickly dominated the headlines. In just 24 hours, the price dropped by more than 13%, leaving many investors caught off guard, filled with confusion: what is going on?
All of this starts with those 'whales'—the big players who hold a large amount of Ethereum. They seem to be competing to sell their Ethereum recently. One big player deposited 22,746 Ethereum into Binance at once to pay off debts, amounting to a staggering $77.7 million! Even more astonishing, another big player transferred nearly 50,000 Ethereum in just 8 hours and exchanged it for $137.8 million in stablecoins. Such large sums are truly jaw-dropping!
The selling behavior of these big players has caused the price of Ethereum to plummet rapidly like a slide. Investors in the market have panicked upon seeing this. Even more surprisingly, the Ethereum Foundation has also joined the ranks of sellers, known for selling Ethereum at high prices to fund development and other activities.
Just a couple of days ago, when the price of Ethereum was still at $4,000, the foundation sold 100 Ethereum. In the past year, they have sold a total of 4,466 Ethereum, making a substantial profit.
Now, everyone is speculating about the future trend of Ethereum. Some analysts believe that $2,800 could be a key support level, and if the price stabilizes here, there may be a chance for a rebound. However, if those whale big players continue to sell, the price may drop further.
If you hold Ethereum in your hands, you may be feeling uneasy right now. But we must understand that price fluctuations in cryptocurrencies are the norm, and there is no need to be overly anxious.
For long-term holders, such moments are often good opportunities to increase their holdings; for short-term traders, it is now more important to closely monitor market dynamics.
In short, we must remain calm and always pay attention to the latest market trends. The Musk-themed puppies hold 16,000 tokens, with a market value of less than 100 million, showing decent potential.