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ETH Whale Selling? Ethereum Price Risks $3000 Collapse
The cryptocurrency market continues to exhibit a bearish trend as Bitcoin and Ethereum prices experience significant corrections. Ethereum’s price has dropped below $3,500, and an on-chain data suggests that ETH whales are exiting their positions, which may hinder any potential short-term recovery.
As per Coinmarketcap, the current Ethereum price is at $3,380 with an intraday loss of 0.91%. The market capitalization has also seen a decline to $407 billion, accompanied by a significant trading volume of $123.5 billion within the last day.
The recent transfer of 45,800 ETH (approximately $154.71 million) from the Aave protocol to Binance could be indicative of smart money expecting further correction in Ethereum’s price and opening up new short positions.
Source: www.cryptonewsz.com
