Ethereum's price struggles to maintain momentum, unable to break the $3,500 mark, as significant sell-offs by large holders add to market uncertainty.
With ETH supply nearing pre-Merge levels, the market faces mounting challenges.
Blockchain data reveals that a prominent Ethereum whale recently sold 10,070 ETH for $33 million at $3,280 per ETH, incurring a $1 million loss. This sale follows the withdrawal of 24,029 ETH from Binance into multiple wallets over the past few weeks. Meanwhile, Tron’s Justin Sun has deposited over $320 million worth of ETH into HTX in recent hours, part of a broader transfer totaling $1.1 billion since late 2024.
Analysts note Ethereum’s supply has been inflationary over the last 10 months, reversing initial deflationary trends post-Merge. The growing supply is closing in on pre-Merge levels, with ETH currently trading near $3,186. Key resistance zones are between $3,360 and $3,450, while support lies around $3,066.
Despite the current selling pressure, long-term optimism remains. Analysts predict a potential price rally for Ethereum, with some expecting it to surpass $10,000 by mid-2025 if market sentiment turns bullish and whale sell-offs subside.
At the time of writing, Ethereum is trading at $3,050 after a 6.5% drop on the daily chart and 17% in the past 7 days.
Pi Coin has experienced dramatic price swings since its market debut, initially surging to an all-time high of $2.98 before rapidly losing momentum.
Quinn Thompson, CIO of Lekker Capital, recently stirred the crypto community by declaring Ethereum (ETH) “dead” as an investment.
Dogecoin has been facing some significant challenges, with its price dipping after an attempt to break past critical resistance levels.
A whale trader is navigating a precarious situation as their heavily leveraged PEPE position on Hyperliquid teeters on the brink of liquidation.