Ethereum’s price remains above the $3,500 mark, yet significant sell-offs by large holders have re-emerged. The heavy selling of ETH by whales on exchanges raises concerns among traders about whether the price can reach $4,000 before profitability begins. Notably, Ethereum 
$3,615 co-founder Jeffrey Wilcke has listed 20,000 ETH for sale, amounting to a value of $72.5 million.
Ethereum’s Journey to $4,000 Encounters Obstacles
Popular crypto analyst Rekt Capital has evaluated Ethereum’s attempts to break the crucial $3,700 resistance level. He stated that Ethereum needs a strong weekly close above this level. However, Rekt Capital described the latest price movement of ETH as “perfectly rejected by resistance,” emphasizing that Ethereum is not yet ready for a breakout.
Rekt Capital: “Ethereum is not yet ready for a breakout.”
Whale Sales of ETH Surge
Ethereum analyst CrediBULL Crypto pointed out a critical resistance level in the ETH/BTC pair. With the recent upward momentum, this pair approaches its first “troublesome area,” where the analyst indicated a potential rejection could push Ethereum’s price down to a significant buying range of $2,700 to $2,800.
CrediBULL Crypto: “Traders should closely monitor the $2,700 to $2,800 range.”
In the face of short-term volatility, long-term spot investors may choose to hold their positions, while CrediBULL advised traders to watch the specified range for potential entry opportunities.
Rising Funding Rates Offer Hope
The increase in ETH’s funding rates has been recognized as a significant indicator of sentiment in the stock market, showing remarkable growth in recent weeks. This rise signals growing optimism among traders and investors as Ethereum’s price continues to trend upward.
Significant Sales by Ethereum Founders
Jeffrey Wilcke, a co-founder of Ethereum, has sold a total of 44,300 ETH this year, valued at approximately $148 million. Additionally, Winslow Strong, director of the Qualia Research Institute, transferred 9,380 ETH to Coinbase just two hours ago.
At the time of writing, Ethereum’s price had fallen by 1.27% to $3,570, with daily trading volume dropping below $30 billion. According to Coinglass, the 24-hour liquidation amount surged to $32 million. These developments in the Ethereum market effectively direct traders’ attention toward whale movements and market dynamics, as increased whale selling could lead to significant short-term price fluctuations, while long-term trends remain to be seen.
