Ethereum had a close call on Monday. The cryptocurrency briefly dropped below $3,100 for the first time since early November, hitting $3,066 before climbing back up. It stayed under that level for over four hours before finally recovering.
The drama came with some big moves behind the scenes. BitMEX co-founder Arthur Hayes dumped around $4.1 million worth of crypto, including 780 ETH. He sent the assets to major trading desks like Flowdesk and Cumberland, which handle these kinds of large liquidations. This happened right as Ethereum was struggling and Bitcoin dropped to $95,000.
But there’s another side to the story. Two wallets that hadn’t moved in over 10 years suddenly woke up. One of them was from Ethereum’s original ICO days. Together, they transferred 1,200 ETH worth about $3.7 million. The ICO wallet turned a $310 investment into over $600,000. That’s more than a 10,000x return.
Experts can’t agree on what’s next. Tom Lee thinks Ethereum is following Bitcoin’s path to massive gains. Analyst Ali Martinez warns it could drop to $1,800. Right now, traders are watching closely to see if $3,100 holds.
Conclusion
Ethereum’s volatile week showcases conflicting market forces as major players exit positions while decade-old believers cash out historic gains, leaving the cryptocurrency’s near-term direction uncertain.
Also Read: Bitcoin Drops
