Although ETH staked and deposit contracts have reached new highs, ETH’s price action has not necessarily reaped the benefits.
As a result, its price tanked by a significant margin. ETH’s $1918 press time price represented a 10.8% discount from its current 2023 high.have been trimming their balances. Addresses holding over 1000 ETH have contributed to selling pressure since the second week of April.Precisely, the selling pressure from whales continued especially in the second half of April.
As a result, bullish expectations were curtailed, and sell pressure was fueled by leveraged long liquidations. This brings us to the question of-We observed a slight recovery in open interest in the last five days, as well as an increase in demand for leverage.The recovery suggests that the market condition is improving gradually, but it also indicates low demand. As noted earlier, ETH whales are still selling.
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