The price of Ethereum (ETH) has been steadily declining since the end of September, reaching just over $2,300. This downward trend is continuing into October. The current price is significantly lower than its all-time high of nearly $4,900 in November 2021. The recent decline in Ethereum's price is attributed to an increase in selling pressure. The selling pressure is consistent with that of the previous month and is lower than that of August. One factor influencing the selling pressure may be a whale that has been continuously selling Ethereum for the past two weeks. This whale had acquired 150,000 ETH during the ICO in 2014 and is now selling large quantities at a time. The selling activity of this whale, along with the emergence of potential competitors like Solana and TON, may be causing fear and contributing to the selling pressure. Despite the potential for a new bull run in the future, Ethereum holders may be diversifying into other cryptocurrencies to seize better opportunities. This trend suggests that Ethereum's absolute dominance in decentralized finance may be facing challenges in the long term.



Other News from Today