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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