CandleFocus

ETH Whale Selling? Ethereum Price Risks $3000 Collapse

Author: Content Editor
The cryptocurrency market remained bearish during Friday's U.S. session, with Bitcoin and Ethereum prices continuing to decline. Onchain data suggests that Ethereum whales are exiting their positions, which could delay a recovery. The price of Ethereum currently trades at $3,380 with a loss of 0.91%, and its market cap has fallen to $407 billion. There were two significant Ethereum transactions that sparked speculation about potential shorting activity by whales or institutions. A total of 45,800 ETH, valued at approximately $154.71 million, was borrowed from the Aave protocol and transferred to Binance. These transactions indicate that smart money may be anticipating a further correction in Ethereum's price and opening new short positions. The daily chart analysis suggests the formation of a double-top reversal pattern, indicating a potential downward trend and a possible retest of the $2,900 support level. However, if the price rebounds above $3,500, buyers may regain control of the asset.

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