Ethereum lacks momentum in the short term

Matrixport Analysts pointed out in yesterday's analysis that there is currently no clear catalyst to support the rebound of Ethereum, traders seem to have surrendered, and Ethereum's market share has once again declined. In addition, analysts further pointed out that although the launch of the US Ethereum ETF has attracted billions of dollars in capital inflows, Ethereum has still been unable to escape its slow decline since the summer of 2024 and may need until next year to overcome this predicament.

Matrixport analyst said:

Ethereum bulls may need to remain patient as a stronger and more enduring bull market narrative may not emerge until 2025. If market conditions are favorable, the new year could bring a new wave of optimi** to Ethereum, potentially reversing the current downward trend

Chain Whale sells ETH

In fact, from the on chain data, it can also be seen that the weak price trend has led many whales to surrender and sell Ethereum on exchanges. According to previous reports from Zombie, Tron founder Sun Yuchen has deposited 108919 ETH (approximately $400 million) into HTX at an average price of $3674 since November 10th.

On the other hand, according to information shared by on chain analyst Yu Jin, the well-known ETH/BTC exchange rate long James Fickel reduced his ETH/BTC long position again 2 hours ago, exchanging 6500 ETH for 235.6 WBTC and repaying his debt on the lending agreement Aave.

According to Yu Jin, James Fickel The long position of the ETH/BTC exchange rate reached its peak at the end of May, when he lent 2987 WBTCs (over $200 million) to Aave, which were exchanged for ETH at an average price of 0.054. However, due to poor performance of ETH, James Fickel began reducing his holdings from August: redeeming ETH in batches and selling it in exchange for WBTC repayment. Up to now, in the past four and a half months, he has reduced his position by selling 59500 ETH for repayment, with an average exchange rate of 0.04. At present, there are still 575.3 WBTC loans in its position.