Recent sell-offs by prominent investors, known as whales, have put pressure on the Ethereum price. These sales, particularly within the $1,550 to $1,700 range, are contributing to a shift in market sentiment and direction. This is leading many participants to be cautious, watching for signs of recovery or further declines. 11-month-old transactions involving large amounts of Ethereum at high levels have been notably selling off at a loss, sparking concerns about the long-term health of the market structure and prompting some investors to reassess their strategies. However, there’s also evidence of new bullish investor activity – for example, CryptoGoos observed a significant purchase of approximately 77,000 ETH worth $125 million. Technical analysts are offering varied interpretations of Ethereum’s price movement, with some suggesting consolidation phases and potential support from Bitcoin’s weekly EMA zone, while others highlight positive momentum in the short-term view. The market remains cautious and data-driven as investors weigh these competing factors.