Ethereum Market Shows Signs of Recovery, But Bearish Pressure Remains

After experiencing a recent decline that brought Ethereum’s price near its crucial $1,200 support level, the cryptocurrency has seen a significant recovery over the past 24 hours. However, analysts suggest that this bounce may be short-lived as continued bearish pressure weighs on ETH prices. The market selloff was influenced by whale activity and outflows from Ethereum ETFs. 5,471 ETH worth $8.01 million were liquidated by World Liberty Financial Trust (WLFI) in a large sell-off, further contributing to the downward momentum. This was accompanied by a dormant whale selling 500 ETH, adding liquidity to the market and intensifying pressure on Ethereum prices.