Ethereum faces continued market pressure as whales start selling their holdings at significant losses. The recent ETH price correction has failed to break through the critical $3,500 resistance level, stalling further growth. Investors remain cautious as ETH supply approaches pre-Merge levels. The market is expected to face additional price declines in the coming weeks.
Ethereum Whale Sells at Over $1 Million Loss
According to data from LookOnChain, three wallets — likely controlled by the same entity — sold 10,070 ETH for 33 million DAI at an average price of $3,280 per ETH, resulting in a loss exceeding $1 million. Just three weeks ago, this whale withdrew 24,029 ETH worth $81.3 million from Binance and distributed it across 10 newly created wallets. Currently, these wallets still hold 13,959 ETH worth $45.48 million.
Additionally, Tron founder Justin Sun deposited $320.4 million worth of Ethereum into the HTX crypto exchange over the past 13 hours. Since November 2024, Sun has deposited a total of 323,591 ETH worth $1.124 billion into HTX at an average price of $3,472 per ETH. These transactions suggest that major market players are positioning themselves for further price movement.
ETH Supply Reaching Pre-Merge Levels
Popular crypto analyst Benjamin Cowen stated that Ethereum's supply will likely return to pre-Merge levels in the coming weeks. Currently, Ethereum’s monthly supply is increasing by 45,000 ETH, leaving only 32,000 ETH to reach pre-Merge levels.
While demand for ETH briefly improved following rate cuts, it has since remained low. As a result, Ethereum's supply has been inflationary over the past 10 months, reversing the deflationary trends originally expected post-Merge.
ETH Price Action: Key Resistance and Support Levels
Ethereum is currently trading at $3,186.04, down 2.6% in the past 24 hours, with a market capitalization of $383 billion. According to crypto analyst Ali Martinez, the critical resistance zone for Ethereum lies between $3,360 and $3,450. Breaking above this level could trigger the next rally.
On the downside, key support levels have been identified between $3,066 and $3,160, providing crucial benchmarks for traders navigating the market. These levels offer a reference point where ETH may stabilize if the price continues to decline.
Ethereum's Future: What to Expect by 2025?
Despite the massive sell-offs, analysts remain optimistic about Ethereum’s future growth. Crypto analyst Altcoin Sherpa suggests that ETH's price could follow a familiar market cycle pattern consisting of three key phases:
Red Zone: Asset liquidation.Yellow Zone: A sharp V-shaped recovery, ultimately leading to a lower high in lower timeframes.Yellow Circle: Retesting previous lows, followed by a potential upward trend.
Analysts predict that Ethereum could surpass $10,000 by mid-2025, provided market sentiment improves and whale sell-offs decrease. Regaining investor confidence and restoring demand will be crucial for ETH's long-term growth.
Conclusion: Ethereum Faces Challenges, But Optimism Remains
While Ethereum struggles with pressure from whale sell-offs, its long-term outlook remains promising. Key resistance and support levels will determine the short-term price movement. If the market regains its bullish momentum, Ethereum could achieve significant milestones in the coming years.
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