Ethereum Holds Above $3,100 After Hayes' $4M Sell-Off and Whale Activity
Ethereum climbed back above $3,100 on Monday morning after spending just over four hours below that level, buoyed by buying that followed a reactivation of a 10‑year‑old wallet. The recovery occurred amid heavy market churn: major traders suffered sizeable liquidations and there was a reported $4 million sell‑off tied to Hayes, moves that briefly intensified downside pressure.
The price action gives short‑term upside momentum for ETH but underscores ongoing volatility. Concentrated whale activity and derivative liquidations can quickly amplify swings, so on‑chain flows, funding rates and the behavior of the reactivated wallet will be watched closely. For now, Ethereum looks resilient, but market participants should expect elevated volatility until clearer directional conviction emerges.