Recently, a highly watched whale on the Ethereum network sold 33,682 ETH through address 0x3c9E in just three days, with a total value of about 119 million USD. This move not only had a significant impact on market liquidity but also raised concerns about short-term price fluctuations.

Although this huge transaction has brought some selling pressure to the market, it is noteworthy that its impact seems to be limited to the Ethereum market and has not affected other crypto assets. This phenomenon has prompted market participants to reflect on the independence of the Ethereum ecosystem.

The large holders' selling behavior has undoubtedly reduced the depth of the Ethereum market, which may lead to price fluctuations in the short term, especially when the price approaches the key support level of $3,000. Market observers are closely watching the price movements, concerned that it may break through the support range of $2,800 or even $2,500.

However, in the long run, the impact of this large-scale sell-off on the Ethereum ecosystem remains to be seen. Although liquidity pressure has increased in the short term, market reactions are currently mainly focused on Ethereum itself. Investors and analysts are closely monitoring on-chain data and the further movements of large holders to assess whether this event will have a profound effect on Ethereum's long-term technological development and ecological stability.

For investors, closely monitoring price performance near support levels is crucial, as this may become a key indicator in determining whether the market is entering a correction phase or continuing to rise. Meanwhile, continuously monitoring the activities of large holders and changes in market depth will help capture potential market fluctuations or investment opportunities that may arise in the future.

Overall, although this large-scale ETH sell-off event has brought uncertainty to the market in the short term, it also provides us with an opportunity to observe the resilience and independence of the Ethereum market. As the situation develops, we will be able to better understand the impact mechanism of whale behavior on the cryptocurrency market, as well as Ethereum's position within the entire crypto ecosystem.