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.

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.