A large group of Ethereum investors bought 1.33 million ETH at an average price of $2,984, now facing unrealized losses due to a recent price dip. This could prompt selling pressure as the price approaches their break-even point, potentially leading to further downward momentum. Additionally, substantial moves by Ethereum whales, including significant ETH transfers to exchanges, suggest a bearish outlook despite the price’s resilience near the $3,000 mark. If Ethereum sustains above $2,984, it could alleviate selling pressure and aim for resistance levels at $3,100 and beyond, but caution is advised due to potential large sell-offs by whales.
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