Ethereum Plunges Below $3,000 – Is This the Start of a Bear Market?

• Ethereum dropped below $3,000 on Friday morning amid a massive whale selloff.
• The current pullback has plunged ETH into the Q1/Q2 low levels of 2024.
• Long-term holders consider the pullback an opportunity to buy ETH at a cheaper price.

Ethereum fell below the psychologically significant $3,000 mark on Friday, driven by large transfers to exchanges by Ethereum whales along with broader market weakness. The decline has sparked concerns among investors and renewed discussions about the cryptocurrency’s short-term prospects, even as long-term holders view the dip as a buying opportunity.

Whale Alert, a prominent blockchain tracker, reported that Ethereum whales transferred significant amounts of ETH to centralized exchanges (CEXs), further pressuring the falling ETH price.

9,600 #ETH (27,568,607 USD) transferred from unknown wallet to #Binancehttps://t.co/2wieThUIXN

— Whale Alert (@whale_alert) July 5, 2024

Whale Alert identified an Ethereum whale moving 10,351 ETH, valued at over $30.1 million, from an unknown wallet to Binance early Friday morning. Hours later, another large transaction of 9,600 ETH, worth over $27.5 million, moved from an unknown wal…

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