Ethereum’s price remains stable above $3,500, but large-scale sell-offs by major holders have sparked concerns among traders. The recent surge of ETH sales by whales raises questions about the possibility of reaching the $4,000 mark before profitability sets in. Notably, Ethereum co-founder Jeffrey Wilcke has listed a substantial 20,000 ETH for sale, which is valued at around $72.5 million.
What Challenges Does Ethereum Face on Its Path?
Market analyst Rekt Capital has scrutinized Ethereum’s struggle to breach the critical $3,700 resistance threshold. He indicated that a robust weekly close above this level is essential. However, he noted that Ethereum’s current price trajectory shows a significant rejection at this resistance, indicating it may not be poised for a breakout yet.
Are Whale Sales Affecting Price Stability?
CrediBULL Crypto, another analyst, identified a vital resistance in the ETH/BTC pair. The upward momentum seems to be nearing a precarious zone that could trigger a price drop, potentially bringing Ethereum down to a significant buying opportunity between $2,700 and $2,800.
- Ethereum co-founder Jeffrey Wilcke has sold 44,300 ETH this year, worth about $148 million.
- The 24-hour liquidation in the Ethereum market reached $32 million, indicating market volatility.
- Traders are advised to keep an eye on the $2,700 to $2,800 price range for potential entry points.
Despite the fluctuations, the recent uptick in ETH funding rates reflects growing optimism among traders. This development highlights people’s confidence as Ethereum’s price continues its upward trend. Currently, Ethereum’s price stands at $3,570, having dipped by 1.27%, with trading volumes dropping below $30 billion. As whale activity intensifies, market dynamics will play a crucial role in shaping the future price trajectory.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
