$ETH Price struggles, whale selling draws attention
Ethereum's price is having a hard time breaking through the $3,700 mark, and it looks like it's going to fall back down. Just then, some big whales - the big guys who hold a lot of Ethereum - started selling their Ethereum, which made the market more volatile. In particular, Ethereum co-founder Jeffrey Wilcke sold 20,000 Ethereum, worth $72.5 million, in one go, which is big news!
Analysts are also closely watching Ethereum's price action. They found that Ethereum needs to stand firmly above $3,700 before it can rise above $4,000. But now it seems that Ethereum is not ready to do so.
Moreover, analysts have found that the pairing of Ethereum and Bitcoin has also reached a critical position. If Bitcoin pulls back 10%, the price of Ethereum may fall to between $2,700 and $2,800. This may not be a big problem for those who hold Ethereum for the long term, but for those who like to make short-term trades, this is a buying opportunity worth paying attention to.
However, there is also good news, that is, the funding rate of Ethereum is rising. This means that more and more people are optimistic about the future of Ethereum and think it will continue to rise.
However, don't forget that the big whales are still selling. In addition to Jeffrey Wilcke, there is also a big guy named Winslow Strong who also sold a lot of Ethereum. Their selling behavior undoubtedly brought more pressure to the market.
Now, the price of Ethereum has fallen to $3,570, and the daily trading volume has also fallen sharply. It seems that the price trend of Ethereum is still full of uncertainty. Investors have to be careful not to be scared by the selling of these big whales, but they also have to be vigilant and not blindly follow the trend.
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