Ether's Price Drop: Big Investors Play the Market

Ether's value recently dropped below $3, 000, causing quite a stir. Despite this drop, major investors saw an opportunity and bought a lot of Ether. In fact, they spent over $130 million on it. Some big names in the crypto world made significant moves. Trend Research borrowed $70 million to buy a large amount of Ether. BitMine also added a huge chunk of Ether to their holdings in January. They're hoping to earn millions in staking rewards. However, not all moves were positive. BlackRock transferred a large amount of Ether to Coinbase Prime, which has some people concerned about potential sell-offs.Looking at the technical side, Ether's price chart shows a downward trend. It closed below $3, 000, which is a significant point. This could mean the price might go even lower, with support levels around $2, 718 and $2, 620. The market is under stress. Over $287 million in leveraged positions were liquidated in just 24 hours, mostly long positions. This adds to the downward pressure on the price. Interestingly, while big investors are reducing their long positions, 76% of smaller traders are still holding long. This could lead to a price reversal if the big players are wrong.