Krutika Adani
Despite all the selling pressure, Ethereum has successfully held its price in the $3500 - $3600 range.
The prime cause of bearishness is the SEC's delay in approving and listing individual Ethereum ETF applications.
Ethereum's daily on-chain transactions have declined from $1.32 million to $1.16 million in the last three months.
Three days ago, an Ethereum whale was witnessed selling $35 million worth of ETH.
More than $693 million worth of Ethereum options and $1.2 billion worth of Bitcoin options expire today, which may increase price volatility in the near term.