'Cursed Coin' Ethereum Down 8%: What Is Going On?
'Cursed Coin' Ethereum Down 8%: What Is Going On?Ethereum ETH/USD is down 8% on the day to $3,020, leading analysts to discuss whether there is any bullish hope left for the second-largest cryptocurrency. What Happened: Prominent whale trader Adam referred to Ethereum as a "cursed coin." Despite open interest rising by 110% since August, Ethereum never came closer than 20% below its all-time high. The trader suggests two strategies for entering a long position: Buy after a liquidation event below $3,000. Place bids near $2,700, a key support level, if no liquidation event occurs. Chart analyst Ali Martinez identified critical resistance for Ethereum between $3,360-$3,450 and key support between $3,066-$3,160. He also noted that three whale wallets currently control around 43% of Ethereum’s total supply. Also Read: Ethereum Price Drops 5% In 7 Days: Truly An ‘Excellent Buy-The-Dip Opportunity’? Why It Matters: Benjamin Cowen, CEO of IntoTheCryptoverse, highlighted that Ethereum's supply is set to return to pre-Merge levels within weeks, growing by 45,000 ETH per month and currently just 32,000 ETH below the pre-merge supply. Despite initial demand improvements after rate cuts, 10 months of inflationary supply growth have kept prices under pressure. Lookonchain data revealed that whales withdrew 10,000 ETH (worth $30.76 million) from Binance. IntoTheBlock data shows large transactions volume increased by 70.2%, while transactions greater than $100,000 dipped marginally from 3,406 to 3,281. Exchanges netflows spiked 791.5%. Read Next: 2025 Outlook: Bitcoin To $150,000, Ethereum To $5,500, Dogecoin Hits $1, Galaxy Research Predicts Image: Shutterstock Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.