Ether Faces Selling Pressure as Price Struggles to Hold $2,400
Ethereum is experiencing selling pressure, struggling to maintain the $2,400 level. It dipped to $2,390 before recovering to approximately $2,439. In the last 24 hours, ETH's value decreased by 1%, resulting in a $6 billion market cap loss.
- Whale sell-offs are contributing to the decline.
- An Ethereum ICO participant sold 501 ETH recently, totaling 14,394 ETH sold since April 2021 for about $50.1 million.
- This seller still holds approximately 2,410 ETH valued at $5.85 million.
- A dormant whale deposited 2,450 ETH worth around $5.94 million into Kraken after withdrawing the same amount in September 2022, realizing a profit of $2.74 million.
Institutional Buyers Step In
- SharpLink Gaming purchased an additional 4,951 ETH for about $12.4 million, following a previous buy of 188,478 ETH for $473.6 million.
- Analyst Ether Wizz noted a bullish price outlook, suggesting ETH could reach $3,000–$3,200 by the end of July and potentially $4,000 by September.
- ETH is currently trading about 50% below its all-time high of $4,891 set in 2021.