Why is Ethereum Price Dropping? Whale Activity and ETF Delays Explained
- TH dropped below the $3,000 price level after reaching a high of $3,081.
- Crypto project Golem sold 36,000 ETH, worth $115 million.
- An Inactive whale “0x742” deposited 7,240 ETH, worth $21.4 million, to Kraken.
Ether (ETH), the second-largest cryptocurrency by market capitalization, has fallen below the $3,000 mark in recent trading, mirroring Bitcoin’s decline and erasing gains from the weekend. This drop comes amid large holders selling off their ETH, even as anticipation builds for the potential approval of a spot Ethereum exchange-traded fund (ETF) in the United States.
As per CoinMarketCap data, ETH dropped more than 4%, reaching a daily low of $2,822. However, at the time of writing, the cryptocurrency is trading at $2,914. The trading volume of ETH rose 27.25%, standing at $13.9 billion. Meanwhile, the market cap of the cryptocurrency stands at $350 billion.
Ether had reclaimed the $3,000 price level over the weekend, reaching a high of $3,081. However, the cryptocurrency failed to maintain this level after major holders sold their coins. Crypto journalist Colin Wu highlighted on platform X that Golem was one of the entities that sold a signific…
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