You've captured the current market #sentiment well. It's a tough situation for anyone, especially a #whale who just bought $300 million of #ETH through Galaxy Digital and is now sitting on a $26 million unrealized loss. This story is a stark reminder of the #volatility in the #crypto market. Even large players aren't immune to sudden drops.
The recent 11% price drop and growing exit queues for ETH suggest that many are cashing out, which could indicate a continued downward pressure. Your prediction that ETH will struggle around $3,400 in the short term seems plausible given the current market dynamics.
However, your long-term perspective is also important. The growing institutional interest and a more favorable regulatory environment are pushing up the entry queues. This is a powerful counterpoint to the short-term panic. It's a classic case of short-term pain versus long-term potential. Waiting for key economic data, like next week's non-farm payroll, could indeed be a smart move, as it might just be the catalyst for a turnaround. It's a powerful lesson in patience for all investors.
