In a sharp turn of events, a crypto whale has sold 8,500 ETH, raising speculations about the asset’s direction. In recent weeks, sideways traders dominated crypto assets within the ETH price outlook, slipping below resistance levels. However, Ethereum bulls saw buying opportunities like most market dips, making new low entry points ahead of anticipated inflows. At the time of writing, ETH’s price crashed 3% to $2,742 in the last 24 hours, extending weekly exits above 15%. A Reversal of Upward Sentiments? In the last 24 hours, a whale moved $23.2 million worth of Ethereum at around $2,736 per coin. This was followed by other sales from retail holders, wiping off the momentum gained the previous day. Most traders suggest that the grip on the wider market’s correction on top altcoins might be short-term. However, its impact lowered institutional demand, wiped off gains, and slowed decentralized financial (DeFi) numbers. Today, Ethereum’s trading volumes sit slightly above $30 billion after its market capitalization fell below $131 billion. The leading altcoin has struggled to replicate previous gains in recent times as sentiments move to other assets. Altcoin repositioning became glaring after spot Ethereum ETFs failed to attract inflows like Bitcoin products. Despite the milestone, ETH price struggled suggesting the asset was overbought. This led to a change in sentiments from Ethereum to XRP and Solana, altcoins now described as institutional investor favorites. Last year, SOL outpaced ETH growth without spot ETFs leading to surging optimism of the former’s products awaiting approval. XRP spiked in the same period to the third largest crypto asset by market cap. Trading above $3 at the start of the year, analysts tipped a spike to $6 during the altcoin season as funds move out of Bitcoin. However, the market’s correction led to a sharp 22% weekly decline. ETH Can Defy The Odds- Analysts Amid the crippling downturn, crypto whales took advantage to ramp up ETH holdings. On Feb 6, the asset broke $2,800 after BlackRock purchased 100,535 ETH worth approximately $284 million. This large investment, alongside others, boosts trader confidence, as seen in hourly trading data. Furthermore, Donald Trump’s World Liberty Finance added to its ETH holdings following the last correction caused by U.S. trade disputes. Recent acquisitions and on-chain factors led analysts to raise projections for the assets. Renowned trader Ali Martinez wrote on X that Ethereum is gearing up for a breakout above $4,000.
