Ethereum Faces Pressure as Whales Sell Amid Weak Market Performance

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.

READ MORE:

MicroStrategy Adds 2,530 BTC to Its Holdings, Reaching 450,000 Total Bitcoin

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.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.