The cryptocurrency market has experienced significant price fluctuations, leading to billions of dollars in liquidations. Amid this, whales appear to be focusing on Ethereum (ETH), the world’s second-largest cryptocurrency by market cap.
Whale Eyes on Ethereum
In the past 24 hours, the crypto market has seen millions of dollars worth of ETH accumulation. Today, February 3, 2025, blockchain transaction tracker EyeOnChain posted on X (formerly Twitter) that a whale borrowed $28.3 million USDT to buy 10,000 ETH when it was trading near the $2,817 level.
Based on recent price action and historical momentum, there is a strong possibility that ETH could decline further if it does not reclaim the $2,800 level.
Despite a notable price recovery, Ether is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset remains in a downtrend.
