- Ethereum faces heavy sell-offs at $3,400 resistance, yet market analysts anticipate potential rebound from current levels.
- Ethereum whale reactivates after eight years, selling $224 million worth of Ethereum, impacting market liquidity and prices.
Bitcoin recently set a new record, surpassing $99,000, which triggered a rise in Ethereum’s value to its highest in four months.
This uptick occurred despite Ethereum facing strong resistance at the $3,400 price point, leading to significant selling pressure and a subsequent decrease in its price. Market experts suggest the possibility of a recovery as investors appear to buy during this dip.
The Ethereum market witnessed substantial liquidations totaling nearly $50 million, with a notable portion being buy-side liquidations, according to Coinglass data. The intense activity underscores the market’s volatility and the considerable financial stakes involved.
Increased Ethereum Inflows
Data from IntoTheBlock shows a net increase of 34,000 ETH moving into exchanges, suggesting a surplus of inflows over outflows. This trend typically exerts downward pressure on Ethereum’s price by increasing available supply.
Activities of a Major Ethereum Holder
A significant market event involved an Ethereum whale, inactive for eight years, who began selling off a large stash of Ethereum valued at about $224 million. Initially, this individual accumulated approximately 398,889 ETH at an average price of $6 per token.
The reactivation of this whale’s account and subsequent sales introduced a considerable amount of Ethereum into the market, impacting prices due to increased supply.
There has been a notable movement in Ethereum ETFs, with $163 million in outflows recorded over the past week. This follows a period of significant inflows, suggesting fluctuating institutional interest.
Despite the recent outflows, the market’s long/short ratio indicates a growing optimism among traders, suggesting an increase in purchasing activity amid the current price dip.
These factors collectively contribute to the market’s complex, where investor behavior and large transactions significantly influence Ethereum’s pricing and market stability.
Ethereum (ETH) is currently trading at $3,303.90 USD, with a slight daily decline of 1.66%. Over the past week, ETH has gained 8.08%, reflecting solid recovery momentum, and its monthly growth stands at 26.09%.
However, over the past six months, ETH has experienced a 11.85% decline, highlighting ongoing market volatility. Year-to-date, ETH has risen by 44.82%, showcasing its resilience and continued adoption as a leading cryptocurrency.
