Recent whale activity in the Ethereum market is putting pressure on the cryptocurrency's price, despite analysts' optimistic long-term forecasts.
Whale Sales and Market Impact
Ethereum has witnessed significant ETH selloffs recently, impacting its capacity to surpass the $3,500 mark. A notable transaction involved a sale of 10,070 ETH for 33 million DAI, resulting in a $1 million loss for the seller.
Ethereum Supply Dynamics
Crypto analyst Benjamin Cowen pointed out that ETH's supply has turned inflationary, with 45,000 ETH added monthly, close to pre-Merge levels. This oversupply coupled with reduced demand adds to the price pressure.
Ethereum Price Analysis
At the time of writing, ETH is valued at $3,056.34. Despite short-term bearish trends, analysts remain confident in Ethereum's long-term potential, forecasting prices above $10,000 by 2025.
While recent selloffs by major investors pressure Ethereum's market, long-term projections stay optimistic, contingent on shifting market sentiment to bullish and decreasing whale activity.
