The cryptocurrency market has been quite spectacular lately, especially the price fluctuations of Ethereum (ETH), which have been heart-pounding. Did you hear? The price of Ethereum suddenly dropped below the $3,200 mark, and this news quickly dominated the headlines. In just 24 hours, the price fell over 13%, leaving many investors caught off guard and filled with confusion: what on earth is going on?
All this starts with those 'whales' — that is, the big players holding large amounts of Ethereum. They seem to be racing to sell their Ethereum lately. One big player deposited 22,746 Ethereum into Binance at once to repay debts, which amounts to a staggering $77.7 million! Even more astonishingly, another big player transferred nearly 50,000 Ethereum in just 8 hours and exchanged it for $137.8 million in stablecoins. Such big moves are truly jaw-dropping!
The selling behavior of these big players has caused the price of Ethereum to plummet rapidly like a slide. Investors in the market, upon seeing this, have fallen into panic. Even more surprisingly, the Ethereum Foundation has also joined the selling ranks, famously selling Ethereum at high prices to fund development and other activities.
Just a couple of days ago, when the price of Ethereum was still at $4,000, the foundation sold 100 Ethereum. Over the past year, they have sold a total of 4,466 Ethereum, making a significant profit.
Now, everyone is speculating on the future trend of Ethereum. Some analysts believe that $2,800 could be a key support level; if the price stabilizes here, there may be a chance for a rebound. However, if those whale players continue to sell, the price may further decline.
If you hold Ethereum, you might feel anxious right now. But we must understand that price fluctuations in cryptocurrencies are normal, and there is no need to be overly worried.
For long-term holders, such moments are often good opportunities to increase their holdings; for short-term traders, it is now even more important to closely monitor market dynamics.
In short, we must remain calm and keep an eye on the latest market developments. The Musk-themed puppy holders have 16,000 coins, with a market value of less than 100 million, which still has decent potential.