Tense hours in Ethereum (ETH): Altcoins may fall!

Despite Bitcoin reaching $107,000, #Ethereum (ETH), which remains weak, has begun to pose a danger to altcoins.

While #Bitcoin is breaking records, Ethereum (ETH) continues to be suppressed. The leader of altcoins, $ETH , is on the agenda with the selling pressure and whales losing interest.

Ethereum recently increased by more than 15 percent to $4,100. Although the $4,100 level was seen for the first time since March 2024, the price faced intense selling pressure here and retreated. Historically, ETH has reached this level five times and faced selling pressure each time.

According to CryptoQuant data, long-term investors and whales continue to transfer their Ethereum to exchanges. The increase in exchange reserves indicates that selling pressure is increasing. According to the data, exchange reserves have increased by approximately 100,000 ETH in the recent period. This amount is equivalent to 400 million Ethereum at current prices, which could lead to increased selling pressure.

In addition to the increase in $ETH exchange reserves, it is seen that large investors have started to withdraw their assets from staking protocols. This development indicates that large investors are selling profits or holding their Ethereum for the long term.

This trend was confirmed by a large transaction made by Tron founder Justin Sun. According to data shared by onchain data platform Spotonchain on December 16, 2024, Sun’s wallet address requested to withdraw 52,905 ETH from the Lido Finance protocol.