Ethereum News: Large Investors Offload $1 Billion Worth of ETH, Price Drops 4%

Despite a recent sell-off by large investors, known as 'whales', Ethereum investors maintain a bullish outlook in the long term.

Ethereum Price Drops 4% as Whales Book Profits, Redistribute $1 Billion Worth of ETH

Ethereum price dipped 4% on Tuesday following increased selling activity from large investors, known as whales, who have reduced their holdings by over $1 billion in the past two days. Despite this recent selling pressure, data from exchanges indicates that investors still maintain a bullish outlook for ETH in the long term. Ethereum whale addresses have been rapidly offloading their holdings, as reported by Santiment data. Meanwhile, options data suggests a 30% chance for Ethereum to breach the $3,000 mark before the end of the first quarter. The cryptocurrency could find support around the $2,560 level as it enters its third week of consolidation.

Alleged Bridgewater Hedge Fund Holds $3.1B Ethereum (ETH) Short Position

A report claims that one of the world's largest hedge funds, allegedly Bridgewater, holds a $3.1 billion short position on Ethereum (ETH). The report, which has been circulating, suggests that shorting ETH is one of the fund's primary strategies. This information has sparked interest among those who might seek to attack this short position. The ticker symbol for Ethereum is $ETH.

Ethereum Price Prediction: Analyst Forecasts Massive Upside Move

Crypto analyst Trader Tardigrade has provided a bullish outlook for Ethereum, predicting a significant upward move. The analyst revealed that Ethereum is retesting a symmetrical triangle pattern, with a potential target of $3,180. The accompanying chart indicated a possible rally to as high as $3,400 in the event of a parabolic move to the upside.

OpenSea Suspends XP Rewards for Listing and Bidding Due to Community Feedback

OpenSea, a leading NFT marketplace, has announced the suspension of XP rewards for listing and bidding, citing community backlash. The decision was made by co-founder and CEO Devin Finzer, who stated that while the team does not believe liquidity rewards are inherently bad, the current point system has generated strong emotions. He emphasized that OpenSea is committed to supporting the NFT space in the long term and thus, this part of the rewards program is being paused. The announcement was made in a recent X post, addressing the community's feedback on the current XP system.