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The second-largest cryptocurrency, Ethereum 
$2,468, has experienced a significant sell-off of over 9% within the last 24 hours. The price of ETH has fallen to levels around $3,300, coinciding with robust macroeconomic data from the United States that has diminished expectations for interest rate cuts by the Fed.
Whales and Major Liquidations
The crypto market has witnessed substantial sales amid the drop in Bitcoin 
$102,881 prices. In the last 24 hours, Ethereum stood out with liquidations exceeding $152 million, while Bitcoin liquidations reached $128 million. This significant activity has been attributed to whales and institutional investors losing confidence in Ethereum after strong U.S. employment reports and ISM Services PMI data indicated a strong economy.
Commentary on Ethereum’s Price
In the wake of lost confidence among institutional investors, spot Ethereum ETFs saw a net outflow of $86.8 million, primarily from Fidelity’s FETH, Grayscale’s ETHE, and ETH mini-ETFs. The Ethereum Foundation made its first ETH sale of the year, transferring 100 ETH for 329,463 DAI, indicating potential limitations on the price’s upward trajectory. Current data shows open positions in ETH derivatives have decreased by 7%, while ETH’s current trading price hovers around $3,329 without indications of recovery.
Experts target price points between $5,000 and $10,000 for the year, contingent on a shift in Fed’s interest rate policies. Meanwhile, the volatility in the ETH market presents key indicators that investors need to monitor closely in preparation for future fluctuations. The market appears to be pricing in nearly the worst-case scenarios, suggesting a potential for significant upward movement should new data prompt revisions in interest rate forecasts.
