Ethereum Price Struggles Amidst Whale Sell-Off, DeFi Offers Potential Support

Ethereum (ETH) is experiencing a downturn following a recent surge fueled by optimism surrounding Bitcoin. Large players in the market have engaged in significant selling pressure, tipping the scales towards bearish sentiment and impacting price movements. After hitting a two-month high of $2,731 just days ago, Ethereum has declined to hover around $2,530, with liquidation efforts exceeding $40 million contributing to this decline. The current price is teetering on the edge of support at the $2,456 mark, a level corresponding to the 100-day EMA.