TLDR
- Ethereum recovered above $3,100 after a brief breakdown during market pressure.
- Arthur Hayes sold about $4M in crypto, including 780 ET,H during the decline.
- Two dormant Ethereum wallets moved 1,200 ETH after more than 10 years.
- Traders monitored whale activity and ETF flows to assess market direction.
Ethereum held above the $3,100 level after a brief decline on Monday, and traders closely monitored the market as large holders moved funds. The move came during a sharp sell-off from Arthur Hayes and activity from two dormant wallets that had been inactive for more than a decade. These events added pressure to the market, yet Ethereum recovered within hours and remained stable around a key support level.
Price Movement Around the $3,100 Level
Ethereum dipped below $3,100 for the first time since early November and traded as low as $3,066. The decline was part of a broader decline in digital assets and occurred as traders adopted a more cautious tone. One trader wrote on X, “Getting more and more difficult to see a different outcome for $ETH currently,” noting that they had closed a long position.
Ethereum then moved back above $3,100 after several hours and traded with steady activity. Market participants monitored ETF flows because they could shape near-term direction. Data from Coinalyze showed the Long-Short Ratio above 3.0, which indicated active trading. Open Interest also climbed, and this suggested steady participation even as short-term price swings continued.
Arthur Hayes’ $4 Million Crypto Sales
Arthur Hayes sold a large batch of assets worth about $4.1 million during the market pullback. Lookonchain reported that he sold 520 ETH, 2.62 million ENA, and more than 132,000 ETHFI on Sunday. These assets were sent to trading desks that often handle large liquidations.
Later, he sold an additional 260 ETH, 2.4 million ENA, 640,000 LDO, 1,630 AAVE, and more than 28,000 UNI. These transfers went to Flowdesk, FalconX, and Cumberland. The combined sales took place as Bitcoin fell toward $94,000 and Ethereum tested the $3,100 zone.
Hayes’ activity came as traders watched for signs of more selling pressure. The steady stream of transfers showed that he was reducing exposure during a period of uncertainty. These moves occurred in short intervals, and they added to the heavy trading volume seen across major tokens.
Dormant Wallets Move After 10 Years
On-chain data also showed rare activity from two long-dormant Ethereum wallets. One of the wallets received 1,000 ETH during Ethereum’s genesis phase. It moved 200 ETH after more than 10 years, and the value of the transfer was about $626,000. The original purchase had been made for about $310.
Another wallet moved 1,000 ETH, and the total value of both transfers was close to $3.7 million. Such wallets are closely watched because they belong to early holders who rarely make changes. These movements can draw attention because they may increase supply in the market.
The activity showed that long-term holders who stayed inactive for years were beginning to move funds again. Their actions came during a period of high trading volume and steady repositioning across major assets.
Mixed Market Views as Traders Watch Support Levels
Analysts shared different views about Ethereum’s direction. Tom Lee of BitMine compared Ethereum’s position to early Bitcoin cycles. He said Bitcoin saw many deep drops but still rose strongly in the long term. He noted that investors often need patience when the market changes quickly.
In contrast, analyst Ali Martinez said Ethereum could fall to $1,800. His view was based on concerns about ETF outflows and market pressure. This difference in outlook showed the mixed sentiment across the market.
Ethereum held the $3,100 level after the brief breakdown, and traders continued to track whale movements and ETF flows. Many watched the next sessions to see if the price could maintain support or move lower during the ongoing volatility.
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